| Decision | Consent declined Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 23 September 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 9.8700 hectares of land at 49 Sunnyside Road, Coatesville. |
| Consideration | $3,950,000 |
| Applicant | Kiwi Queen NZ Trust Nobuyoshi Seki, Kazuma Seki and Shinsaku Seki and the children of Shinsaku Seki, Japan (100.0%) |
| Vendor | Daniels Family Trust Daniels family, New Zealand (100.0%) |
| Background | The Applicant intended to acquire the property so that one of its beneficiaries could use the property from time to time as a residence when he visited New Zealand. The Applicant proposed to demolish the existing residence and build a new residence on the property to be used to host visitors from Japan, two or three times a year. The overseas investment transaction has not satisfied the criteria in section 16 of the Overseas Investment Act 2005. |
| More information | Michelle Moore Fortune Manning PO Box 4139 AUCKLAND |