| Decision number | 200620008 |
|---|---|
| Application number | 200610089 |
| Date | 18 July 2006 |
| Offeror/applicant | Markham (Barry Thomas) and Bowen (Eileen Joan) of United Kingdom |
| Ultimate applicant beneficial ownership | 100 percent - United Kingdom |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Mistra Developments Limited 50 percent - New Zealand, Spruit (Stephen and Tracey) and Hart (Mary) 50 percent - New Zealand, Smith (Janet) and Perkins (Michael) |
| Business activities | Property & Business Services - Property |
| Details of land involved | 0.9775 hectares of freehold situated at Access Road, Kerikeri being CTa 303954, 303955 and 303960 (North Auckland Registry). |
| Regions involved | Northland |
| Total consideration | $1,080,000 |
| 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. The land, which is three lots of a subdivision development being undertaken by the vendor, is being acquired by the Applicants as part of their business strategy to expand their property rental, renovation and land development business to New Zealand. The Applicants propose to build individually designed homes for sale to New Zealand residents. The proposal is likely to result in the following benefits:
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| Contact | Nicole Prosser Law Direct PO Box 497 KERIKERI |