| Decision number | 200610072 |
|---|---|
| Application number | 200520064 |
| Date | 12 June 2006 |
| Offeror/applicant | Jacks Point Limited |
| Ultimate applicant beneficial ownership | 25.8 percent - Hong Kong, SEA Holdings Limited 25 percent - New Zealand, Coburn (Michael Owen) 25 percent - New Zealand, Darby (John Gerald) 24.2 percent - New Zealand, Fletcher (Donald) |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 25.8 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Jardine (Dickson Stewart and Jillian Frances) and The JF Jardine Trust and The DS Jardine Trust of New Zealand |
| Business activities | Property & Business Services - Property |
| Details of land involved | 0.4 hectares of freehold situated at Woolshed Road, Queenstown being part CT 156348 (Otago Registry). |
| Regions involved | Otago |
| Total consideration | $1 |
| Consent sought | To acquire an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the regulator under section 37. |
| 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. On 11 December 2001, consent was granted (A200120122/D200120116) to Jacks Point Limited (JPL) to acquire 403.589 hectares of land situated at Jacks Point in Queenstown. The Jacks Point development will include an 18 hole championship golf course, a lodge, resort accommodation, residential homes, a club house, gym, equestrian facilities, village and business centre. JPL intends to acquire approximately 0.4 hectares of adjoining land to enable convenient siting of a road bordering the JPL property and the neighbouring property owned by Henley Downs Holdings Limited. The road will provide access to the Jacks Point development and was always part of the Master Development Plan, but the exact location had not been determined at the time of the 2001 acquisition. The proposal is likely to facilitate access to the Jacks Point development. |
| Contact | Sally Peart Anderson Lloyd Caudwell Private Bag 1959 DUNEDIN |