Applicant
Mt Potts Lodge Limited
Case number(s)
201110017
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date24 March 2011
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 1,197.9709 hectares of land at 2131 Hakatere Potts Rd, Rangitata Valley, Mt Somers, Mid Canterbury.
Consideration$3,700,000
ApplicantMt Potts Lodge Limited
Alexandre Germanovitch, British/Russia (100.0%)
VendorMt Potts Station Limited
Mark Andrew Dewsbery, New Zealand (51.0%)
Marie-Claire Dewsbery, New Zealand (49.0%)
Background

The Applicant intends to develop the Mt Potts tourist accommodation and farming business, utilizing the expertise of a New Zealand luxury travel company Ahipara Luxury Travel.

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
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Added market competition/productivity
17(2)(a)(v) – Additional investment for development purposes

Overseas Investment Regulations 2005
28(a) – Consequential Benefits
28(c) – Refusal could adversely affect New Zealand’s image abroad
28(f) – Advance significant government policy or strategy

More informationAnna Parker/Grant Dunn
Buddle Findlay (Wellington)
PO Box 2694
WELLINGTON 6140