| Decision number | 200620006 |
|---|---|
| Application number | 200610080 |
| Date | 17 July 2006 |
| Offeror/applicant | Silver Stream Estates Limited |
| Ultimate applicant beneficial ownership | 100 percent - New Zealand, Hayson (Sadie Mary) |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 0 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Cone St Developments Limited 100 percent - New Zealand, Glen-Osborne (Stephen Gordon and Robyn Mary Elise) |
| Business activities | Property & Business Services - Property |
| Details of land involved | 20.558 hectares of freehold situated at 263 Giles Road, Kaiapoi being CTs CB36D/778, CB39C/347, CB19F/1019 and CB293/231 (Canterbury Registry). |
| Regions involved | Canterbury |
| Total consideration | $5,625,000 |
| 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 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 land, which is currently used for dairy farming, to undertake a residential subdivision comprising 240 residential lots. The Applicant advises that the land has been identified by the Kaiapoi Community Board and recommended to the Waimakariri District Council as an area for rezoning to Deferred Residential Status, to cope with predicted shortfalls in residential land in Kaiapoi. The proposal is likely to result in the following benefits:
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| Contact | Hugh Lindo Duncan Cotterill P O Box 5 CHRISTCHURCH |