Applicant
Karreman Bloodstock Limited
Case number(s)
200610018
Decision date
Type
Decision
Decision number200610018
Application number200610025
Date23 February 2006
Offeror/applicantKarreman Bloodstock Limited
Ultimate applicant beneficial ownership100 percent - Australia, Karreman (Dirk and Anne Marie)
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed100 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Goodman (John Henry and Shirley) and Hughson (Mark Geoffrey) as trustees of the Otoia Trust of New Zealand
Business activitiesAgriculture - Other Livestock - Horse Farming
Details of land involved60.7428 hectares of freehold situated at 76 Redoubt Road, Cambridge being CTs SA473/235, SA62C/182 and SA19B/649 (South Auckland Registry).
Regions involvedWaikato
Total consideration$4,893,750
Consent soughtTo 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 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.

Karreman Bloodstock Limited (Karreman) owns and operates The Oaks Stud, a thoroughbred horse breeding operation, situated near Cambridge. The acquisition and development of The Oaks Stud was the subject of two previous consents (A200220059/D200220058 and A200320044/D200320034). Karreman proposes to acquire the subject property (and the adjoining property A200610026) to enable the expansion of The Oaks Stud.

The proposal is likely to result in the following benefits:

  1. the creation of new job opportunities;
  2. increased export receipts for New Zealand exporters;
  3. increased productivity and efficiencies to the Applicant's thoroughbred breeding business; and
  4. the introduction of additional investment for development purposes.
ContactAndrew Gurnell/Charlotte Isaac
McCaw Lewis Chapman
PO Box 9348
HAMILTON