| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 12 August 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 4.3325 hectares of land at Butterfish Bay, Paewhenua Island, SHW 10, Mangonui. |
| Consideration | $450,000 |
| Applicant | Athelstan Limited John Richard Anthony Nottingham, Isle of Man (40.0%) Laura Elizabeth Nottingham, Isle of Man (40.0%) Phoebe Elizabeth Laura Luckyn-Malone, United Kingdom (except Isle of Man and the Channel Islands) (5.0%) Julia Rachel Graham, United Kingdom (except Isle of Man and the Channel Islands) (5.0%) Richard George Sebastian Luckyn-Malone, United Kingdom (except Isle of Man and the Channel Islands) (5.0%) George Edward Dobell Nottingham, United Kingdom (except Isle of Man and the Channel Islands) (5.0%) |
| Vendor | Paewhenua Estates Limited Clive Ashley Johnson, New Zealand (100.0%) |
| Background | The land to be acquired is within a 109 ha development on Paewhenua Island near Mangonui in Northland. The development has transformed a degraded bull farm into a world class farm park subdivision. The owners of the Applicant intend to re-locate a refurbished character villa from Dargaville to the land for use as a private family residence during visits to New Zealand. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005 as it will provide overseas capital for further development of the farm park subdivision thus ensuring the continued viability of the development's vineyard and enhancing the indigenous vegetation (through an extensive replanting programme which will return almost half of the Island to native bush). |
| More information | Howard Thomas Lowndes Associates PO Box 7311 Auckland |