| Decision number | 200710005 |
|---|---|
| Application number | 200620130 |
| Date | 11 January 2007 |
| Offeror/applicant | Negociants New Zealand Limited |
| Ultimate applicant beneficial ownership | 100 percent - Australia, Samuel Smith & Son Pty Limited |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Mandeville Moth Limited 100 percent - New Zealand, Clarry (Anthony Joseph) and Bancroft (Shirley Frances) |
| Business activities | Agriculture - Horticulture & Fruit - Viticulture |
| Details of land involved | 8.088 hectares of freehold situated at 373 Brookby Road, Marlborough being CT MB6B/681 (Marlborough Registry). |
| Regions involved | Nelson/Marlborough |
| Total consideration | $1,200,000 |
| 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 applicant has significant business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the applicant are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987. The Applicant proposes to purchase the land and the specialist Pinot Noir vineyard as part of its wider winegrowing and production operations at the recently completed Nautilus Estate winery in the Marlborough wine region. Negociants has purchased the land with the specific aim of securing additional and a self managed supply of Pinot Noir grapes to satisfy the steady growth in both the domestic and export markets. The proposal is likely to result in the following benefits:
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| Contact | David McGregor/Alaina Polucha Bell Gully P O Box 4199 AUCKLAND |