| Decision number | 200710004 |
|---|---|
| Application number | 200620051 |
| Date | 23 February 2007 |
| Offeror/applicant | Ramsay (Michael John and Faith Lesley) 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) | Cardrona Riverside Limited of New Zealand |
| Business activities | Construction - Residential |
| Details of land involved | 4.82 hectares of freehold situated at Morris Road, Wanaka being part CTs OT16B/182 and OT15B/546 (Otago Registry). |
| Regions involved | Otago |
| Total consideration | $528,750 |
| Consent sought | To acquire an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land held for conservation purposes under the Conservation Act 1987 (if that conservation land exceeds 0.4 hectares in area). |
| Rationale | The Applicants propose to acquire the subject land, which is part of a subdivision currently being undertaken by the vendor. The Applicants propose to construct a house on the land for use as a New Zealand holiday home and as a base from which to maintain regular contact and to make new client contact with New Zealand investment representatives interested in investing in the European Loan Market. The application for consent has been declined as the Overseas Investment Office was not satisfied that all of the criteria in section 16 of the Overseas Investment Act 2005 have been met. The Overseas Investment Office was not satisfied that the proposal will or is likely to result in benefits to New Zealand, or any part of it or group of New Zealanders. |
| Contact | Chris Peddie/Janice Hughes AWS Legal P O Box 50 WANAKA |