Overseas investment decision for case 200910130 - Christina Lynn Klepp and Craig Reginald Thomas

An overseas investment in sensitive land, being the Applicant's acquisition of:

• a freehold interest in 7.5000 hectares of land at 19 Musson Drive, Waiheke Island; and
• a freehold interest in 7.8500 hectares of land at 129 Carsons Road, Waiheke Island.

The Applicants intend to revive a failing vineyard and function business on the property by developing a strong new brand and profile for the vineyard and its facilities in New Zealand. Ultimately the Applicants wish to develop a finished and operational vineyard, restaurant, function venue and wine educational tasting facility.

The overseas investment transaction has satisfied the criteria in sections 16 and 18 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
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(ii) – New technology or business skills
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Added market competition/productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products