| Decision number | 200610003 |
|---|---|
| Application number | 200520145 |
| Date | 17 January 2006 |
| Offeror/applicant | Roberts (David John and Penelope Anne) of United Kingdom |
| Ultimate applicant beneficial ownership | 100 percent - United Kingdom |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Adams (Paul Michael and Alison Susan) of New Zealand |
| Business activities | Agriculture - Sheep, Beef, Cattle |
| Details of land involved | 173.1928 hectares of freehold situated at Revie Road, RD2, Crookston, Otago being CTs OT10D/146, OT96/94, and OT117/149 (Otago Registry). |
| Regions involved | Otago |
| Total consideration | $2,610,000 |
| Consent sought | To acquire an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the Applicants have business experience and acumen relevant to and are demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the Applicants are good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987. The Applicants hold New Zealand Long Term Business Visas and have resided in New Zealand since February 2005. The Applicants propose to acquire the subject property as a permanent residence and to establish a sheep and beef farming operation. The property is currently leased by the vendors to a dairy farmer for grazing and supplementary feed. The Applicants are demonstrating a commitment to New Zealand through intending to apply for and taking up New Zealand permanent residency. |
| Contact | David Haigh Wynn Williams & Co P O Box 4341 CHRISTCHURCH |