Applicant
Woollaston Estates Holdings Limited
Case number(s)
200910001
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date27 March 2009
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 19.6040 hectares of land at the corner of Dominion Road and Old Coach Road, Mahana, Tasman.
Consideration$787,500
ApplicantWoollaston Estates Holdings Limited
United States of America (79.84%)
New Zealand (20.16%)
VendorPhillip Tosswill Edmond Woollaston
New Zealand (100.0%)
Background

The subject property will be used primarily for growing grapes for the production of Sauvignon Blanc. The acquisition will give rise to economies of scale in the viticultural operations of the Applicant.

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
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(iii) – Increased export receipts

Overseas Investment Regulations 2005
28(e) – Previous investments
28(g) – Enhance the viability of other investments

More informationDennis Creed
Pitt & Moore (Nelson)
PO Box 42
NELSON