| Decision number | 200620038 |
|---|---|
| Application number | 200620005 |
| Date | 7 September 2006 |
| Offeror/applicant | Smith (Stephen Mark) and Napier Independent Trustees Limited as trustees of the Sarah Lauren Trust of Australia |
| Ultimate applicant beneficial ownership | 100 percent - Australia |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | de Leeuw (Helen Mary) of New Zealand |
| Business activities | Agriculture - Horticulture & Fruit - Viticulture Agriculture - Sheep, Beef, Cattle Agriculture - Scrub/Native Bush |
| Details of land involved | 29.2259 hectares of freehold situated at 103 Waimarama Road, Havelock North being CT HBW4/908 (Hawkes Bay Registry); |
| Regions involved | Gisborne/Hawkes Bay |
| Total consideration | $2,981,250 |
| 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 land for the purposes of producing wine and augmenting and extending the wine producing activities of Craggy Range Vineyards Limited (Craggy Range) of which the settlor of the Applicant is a beneficial owner and director. The Applicant owns 12.0262 hectares of land adjoining the subject land which has been developed as a vineyard. The subject land is situated a short distance from Craggy Range's Waimarama Road vineyard. The acquisition of the subject land will increase the planted area of the vineyard by 2.9 hectares and provide improved practical access to the Applicant's existing property upon which the settlor of the Applicant has developed a vineyard and is proposing to construct a residence. The proposal is likely to result in the following benefits:
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| Contact | Roy van Panhuys Langley Twigg PO Box 446 NAPIER |