| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 4 June 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 108.0511 hectares of land at Bidwills Cutting Rd, Greytown, Wairarapa. |
| Consideration | $2,587,500 |
| Applicant | John Douglas Tremlett and Pauline Diane Tremlett United Kingdom (except Isle of Man and the Channel Islands) (100%) |
| Vendor | Antony Sidney Phelps and Richard Dale Paterson as trustees of the Phelps Family Trust Jill Vera Phelps, New Zealand (50.0%) Antony Sidney Phelps, New Zealand (50.0%) |
| Background | The land is a farm used by Mr Phelps, beneficiary of the Phelps Family Trust, principally for livestock grazing and seed cropping. Just over ten hectares are used for a commercial pumpkin growing operation. Mr Tremlett has a background in vegetable growing in England and has served as a mentor to Mr Phelps. Because of the ongoing relationship between the Applicants and Mr Phelps, it has been agreed that the Applicants acquire the land and that Mr Phelps lease back the land. The principal reason for Mr Phelps selling the land is to provide additional capital for his horticultural business. He owns other farm land in the vicinity of the land. The Applicants are interested in expanding their investment interests outside the United Kingdom. They believe that New Zealand agriculture offers many opportunities, in particular in relation to the markets in the Pacific rim and Asian regions. 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 |
| More information | Charlie Brown Rhodes & Co. PO Box 13444 CHRISTCHURCH |