| Decision number | 200610050 |
|---|---|
| Application number | 200610019 |
| Date | 4 May 2006 |
| Offeror/applicant | Waiwhero Farm Company LLC |
| Ultimate applicant beneficial ownership | 100 percent - United States of America, Rothenberg (Peter Jay and Laraine Silver) |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Smith (Norman Hubert and June Evelyn) of New Zealand |
| Business activities | Agriculture - Sheep, Beef, Cattle Agriculture - Scrub Land Lifestyle Property Forestry |
| Details of land involved | 130.8307 hectares of freehold situated at Waiwhero Road, Ngatimoti, Motueka being CTs NL12A/397 and NL12C/1300 (Nelson Registry); |
| Regions involved | Nelson/Marlborough |
| Total consideration | $821,250 |
| 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 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. The Applicant proposes to acquire the subject property and carry on the existing grazing arrangements, and to undertake a forestry development on approximately 26 hectares of the property. The proposed forestry development includes re-planting of approximately 6.5 hectares of existing forestry that is described as being of poor condition. The forestry development will comprise a mix of radiata pine, lusitanica and douglas fir. In addition approximately 7 hectares will be planted in non-plantation ornamental and native species. The Applicants advise that the forestry development will improve the commercial viability of the property and together with the ornamental/native plantings clear the areas of the property currently covered in gorse. The property contains a wetland, known as the Waiwhero Road Wetland which is protected by the registration of a Queen Elizabeth II Open Space covenant. The Applicant intends to continue to develop and improve the wetlands area. The proposal is likely to result in the following benefits:
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| Contact | Hamish Kennedy Kennedy & Associates P O Box 182 MOTUEKA |