| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 10 November 2008 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 0.4069 hectares of land at 97 Kennedy Road, Pyes Pa, Tauranga. |
| Consideration | $825,000 |
| Applicant | Matai Pacific Limited United Kingdom (except Isle of Man and the Channel Islands) (100.0%) |
| Vendor | Grasshopper Farms Limited New Zealand (100.0%) |
| Background | Over the last few years the Applicant has been a participant in the kiwifruit industry in New Zealand. The Applicant already owns 20.9994 hectares of land to the west, south and east of the land that is the subject of the Investment (the Adjoining Land). The Applicant entered a sale and purchase agreement with Grasshopper Farms Limited (Vendor) on 19 June 2008 to acquire the freehold interest in the relevant land, together with the dwelling house and three bay garage/shed on the land. The settlement is conditional only on Overseas Investment Office consent. The Applicant wishes to enhance its development programme with this proposed investment which will promote the Applicant’s position to become a substantial participant in the broader horticultural industry in the Western Bay of Plenty region. The Investment will consolidate the Applicant’s existing land ownership and will allow the Applicant to form one larger kiwifruit orchard and citrus orchard. 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 satisified by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Matthew Tustin Cooney Lees Morgan PO Box 143 TAURANGA |