| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 6 October 2008 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 0.2500 hectares of land at 2751 Long Bay Road, Coromandel. |
| Consideration | $1,200,000 |
| Applicant | Renee Porter United Kingdom (except Isle of Man and the Channel Islands) (100.0%) |
| Vendor | The McGregor Bay Trust New Zealand (100.0%) |
| Background | The Applicant has recently purchased the business and land of the Coromandel Colonial Cottages Motel, which is located in the Coromandel township. The Applicant intends to purchase the Land and to reside in close proximity to the Motel business. The Applicant holds significant business assets in the United Kingdom and will fund the purchase of the Land from these resources. The Land contains a private residence and gardens and will be used primarily as the Applicant’s permanent residence. The Applicant intends to wind down her business interests in the United Kingdom to reside permanently in New Zealand by the end of 2009. The Applicant will look for further potential business opportunities, other than the motel business, in New Zealand once residing here permanently. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. |
| More information | Simon A Milne McVeagh Fleming PO Box 4099 AUCKLAND |