| Decision number | 200620054 |
|---|---|
| Application number | 200620068 |
| Date | 4 October 2006 |
| Offeror/applicant | Potez (Richard Julian and Mary Josephine) 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) | Giles (Kenneth George) of New Zealand |
| Business activities | Agriculture - Horticulture & Fruit - Viticulture Agriculture - Horticulture & Fruit - Orchard Lifestyle Property Agriculture - Casual Grazing |
| Details of land involved | 19.253 hectares of freehold situated at 129 Brookby Road, Blenheim being CT MB5B/472 (Marlborough Registry). |
| Regions involved | Nelson/Marlborough |
| Total consideration | $3,200,000 |
| 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 Applicants are intending to reside in New Zealand indefinitely and have made an application for New Zealand permanent residency under the Long Term Business Visa category. The Applicants propose to acquire the subject property as a permanent residence. The Applicants are demonstrating a commitment to New Zealand through applying for and taking up New Zealand permanent residency. |
| Contact | Jeremy Barton Duncan Cotterill PO Box 827 NELSON |