| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 27 June 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a crown pastoral lease in 22,211.1843 hectares of land at 1127 Skippers Rd, Queenstown. |
| Consideration | CONFIDENTIAL |
| Applicant | Soho Property Limited United Kingdom (100.0%) |
| Vendor | Coronet Peak Station Queenstown Limited New Zealand (100.0%) |
| Background | The Applicant is the lessee under three Crown Pastoral leases - Glencoe Station, Mt Soho Station and Motatapu Station - which have a combined area of approximately 33,196 hectares. The Applicant proposes to acquire an interest in the Crown Pastoral Lease known as Coronet Peak Station. The Applicant is not acquiring those parts of Coronet Peak Station that are freehold. Coronet Peak Station covers approximately 22,000 hectares and is located 16 kilometres from Queenstown and 8 kilometres from Arrowtown. It is the western neighbour of Glencoe, Mt Soho and Motatapu Stations and has as its western boundary the Shotover River, and also adjoins the Coronet Peak ski-field. Coronet Peak Station is steep and mountainous and, despite its large size, has little low country with even moderate pastoral value. It is also seriously degraded, has a serious feral goat problem, and has significant problems in relation to wilding trees and other unwanted plant species. The Applicant intends to continue to use Coronet Peak Station primarily for general farming. Merino sheep will be farmed on areas identified as having sustainable farming value and those areas will be developed in line with the Applicant's practices on its existing farming operations. The Applicant expects to be able to carry 4,000 sheep on Coronet Peak Station. The Applicant proposes to extend its pest and noxious plant eradication programme to Coronet Peak Station. Acquiring Coronet Peak Station presents a unique opportunity to minimise the risk of reinfestation by plant and animal pests through the acquisition of the significant natural boundary offered by the Shotover River. The Applicant also wishes to capitalise on eco- and adventure tourism opportunities which go hand in hand with the extensive conservation work already undertaken by the Applicant on its existing farming operations at Glencoe, Mt Soho and Motatapu Stations. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Willy Sussman Bell Gully PO Box 4199 AUCKLAND 1140 |