| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 22 October 2008 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 23.2782 hectares of land at Malaghans Road, Queenstown. |
| Consideration | $1,999,618 |
| Applicant | North Ridge Accommodation Limited New Zealand (100.0%) |
| Vendor | Sharp (Roger Keith and Christine Catherine) New Zealand (100.0%) |
| Background | The relevant land is currently owned by Roger Sharp and Christine Sharp who are both New Zealand citizens. Mr and Mrs Sharp intend to transfer the relevant land to North Ridge Accommodation Limited, a company owned by Knight Coldicutt Trustees Limited in its capacity as trustee of the North Ridge Trust. The North Ridge Trust is a discretionary trust whose beneficiary is Mr Sharp's overseas superannuation fund. North Ridge Accommodation Ltd was formed to acquire the property for the primary purpose of providing holiday accommodation to Mr and Mrs Sharp and for the secondary purpose of providing rental accommodation to tourists during those periods when the property is not occupied for Mr and Mrs Sharp. The overseas investment transaction has satisfied the criterion in section 16(1)(e)(i) of the Overseas Investment Act 2005. |
| More information | David Compton Knight Coldicutt PO Box 106-214 AUCKLAND |