| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 19 February 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 4.5286 hectares of land at Lot 14 Olivers Ridge, Elysium Way, Queenstown. |
| Consideration | $975,000 |
| Applicant | Mauro Balzarini Italy (100.0%) |
| Vendor | Alexander Douglas Naismith Blyth and Tara Blyth United Kingdom (except Isle of Man and the Channel Islands) (100.0%) |
| Background | The Applicant has business dealings in New Zealand through Wellard Group Holdings Pty Limited's subsidiary, Wellard NZ Limited, which requires him to spend approximately two months of each year in New Zealand. The Applicant recently established a residence in New Zealand in order to further his business interests here. The Application relates to a piece of land adjoining that he previously purchased. Wellard Group Holdings Pty Limited's intention is to develop its New Zealand exporting business, with a focus on the export of breeding cattle, meat cattle and sheep. It views New Zealand as strategically important as New Zealand produces agricultural products that are in high demand throughout the world. Wellard Group Holdings has built a very successful business in Australia and intends to replicate this in New Zealand. The Investment will benefit New Zealand by enhancing and protecting areas of indigenous vegetation. The Applicant has also offered to contribute to the Wakatipu Trails Trust, and is a key person in the shipping and livestock industries. 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 Overseas Investment Regulations 2005 |
| More information | Simon Stamers-Smith Cruickshank Pryde (Queenstown) Unit 23 Gorge Road Retail Centre 159 Gorge Road QUEENSTOWN 9300 |