| Decision number | 200620061 |
|---|---|
| Application number | 200610081 |
| Date | 13 October 2006 |
| Offeror/applicant | Tracqui (Michel Raphael) and Heretaunga Trustees Limited as trustees of the Tumuhau Trust of Tahiti |
| Ultimate applicant beneficial ownership | 100 percent - Tahiti |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Grieve (Timothy David) and Mildenhall (Sally Linda) as trustees of the Kowhai Terraces Trust of New Zealand |
| Business activities | Agriculture - Horticulture & Fruit - Viticulture Agriculture - Horticulture & Fruit - Orchard Agriculture - Sheep, Beef, Cattle Agriculture - Native Bush |
| Details of land involved | 171.59 hectares of freehold situated at Aorangi Road, Mangatahi, Hastings being CT HBV1/1324 (Hawkes Bay Registry). |
| Regions involved | Gisborne/Hawkes Bay |
| 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 Applicant proposes to acquire the subject property which is currently operated as a sheep and cattle grazing and finishing block. The Applicant proposes that approximately 112 hectares will be leased to the current farmer to continue the grazing and finishing operation. The Applicant intends to enhance this operation by upgrading the water source and reticulation on the land, improving fencing and tracks and replacing farm buildings. The Applicant proposes to increase the productivity of the land by planting and developing a vineyard (comprising pinot noir, sauvignon blanc, and pinot gris vines) on 7 hectares of the land and an olive grove on 4 hectares of the land. The land contains an area of approximately 25-30 hectares of steep scarp, gullies, cliff and river facing which contain varying types of vegetation. The Applicant proposes to retire this area from farming and protect it by way of a Queen Elizabeth II Trust Open Space Covenant. The Applicant also proposes to establish a residence on the land which will be used as a base for Mr Tacqui's (a trustee of the trust) visits to New Zealand. The proposal is likely to result in the following benefits:
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| Contact | Richard Hill McKay Hill PO Box 1143 NAPIER |