| Decision number | 200610005 |
|---|---|
| Application number | 200520120 |
| Date | 26 January 2006 |
| Offeror/applicant | Andronicas Coffee Company Limited |
| Ultimate applicant beneficial ownership | 100 percent - United Kingdom, Knight (Andrew Jonathan) |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Brewer (Keith Tudor and Craig Tudor) as trustees of the Keith Brewer Family Trust of New Zealand |
| Business activities | Lifestyle Property |
| Details of land involved | 21.5051 hectares of freehold situated at 48 Grahams Beach Road, Awhitu Peninsula, Waiuku being CT NA138A/481 (North Auckland Registry). |
| Regions involved | South Auckland |
| Total consideration | $506,250 |
| 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 for consent has been declined as it did not meet the criteria detailed in section 16 of the Overseas Investment Act 2005. The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. The Applicant's shareholder proposes to acquire the subject land in order to build a substantial dwelling for his personal use. The land will also be used as a base by the Applicant's shareholder to assess the viability of duplicating the activities of Andronicas Coffee in New Zealand. The Applicant's shareholder has not demonstrated that he intends to reside in New Zealand indefinitely. The Applicant's shareholder has not provided sufficient evidence for the Overseas Investment Office to conclude that the Applicant's shareholder is likely to establish a business in New Zealand that is likely to benefit New Zealand or any part of it or group of New Zealanders. |
| Contact | Debra Hamilton Palmer & Associates PO Box 74062 AUCKLAND |