| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 31 March 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 2.8515 hectares of land at Jacks Point, State Highway 6, Queenstown to Kingston Highway, Lake Wakatipu. |
| Consideration | $1 |
| Applicant | Jacks Point Residents and Owners Association Incorporated Jacks Point Residents and Owners Association Incorporated (JPROAI) was incorporated to undertake the role of the management of the infrastructure for the Jacks Point Development. The purchasers of lots in the Jacks Point Development acquire a residential lot or a tablelands lot and membership securities in JPROAI. JPROAI will hold, manage and/or maintain communal facilities (including land, utilities, and recreational facilities), create and maintain design guidelines, levy members, and set by-laws for the Jacks Point development. |
| Vendor | Jacks Point Limited Budfin Nominees Limited, New Zealand (100.0%) |
| Background | The Applicant already owns and manages common land (open spaces and access areas) and associated infrastructure on behalf of the owners and residents of Jacks Point. The land being acquired will be amalgamated with the adjoining open space lots and common land within the Jacks Point development. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. |
| More information | Lesley Brook Anderson Lloyd Lawyers (Dunedin) Private Bag 1959 DUNEDIN 9016 |