Applicant
Craddock (Richard Merry Anthony)
Case number(s)
200720054
Decision date
Type
Decision
Decision number200720054
Application number200720038
Date29 October 2007
Offeror/applicantCraddock (Richard Merry Anthony) of United Kingdom
Ultimate applicant beneficial ownership100 percent - United Kingdom
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed100 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Schierning (Deryck Gardner and Julie Anne) of New Zealand
Business activitiesAgriculture - Other Livestock - Horse Farming
Details of land involved9.1 hectares of freehold situated at 105 Taotaoroa Road, Matamata. being CT 232010 (South Auckland Registry).
Regions involvedWaikato
Total consideration$1,048,750
Consent soughtTo 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 Applicants have business experience and acumen relevant to and are demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the Applicants are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.

Background:
The Applicant is a British citizen who currently lives in England. The principle business activities of Mr Craddock are bloodstock breeding and bloodstock consulting. Mr Craddock owned and operated the largest bloodstock advertising agency in Europe, Craddock Advertising/Hyperion Promotions Limited. Mr Craddock has obtained his Long term Business Visa which has been granted upon the basis that his business will be established and operated in New Zealand.

Outline of Proposed Investment:
Mr Craddock is looking to establish an internationally recognised horse breeding and marketing consultancy business in New Zealand to run alongside a boutique horse breeding operation. Mr Craddock considers that there is a niche within the horse breeding industry in New Zealand, for specialist advertising, marketing and consultancy services. Mr Craddock intends to reside in New Zealand indefinitely.

Rationale for Proposed Investment:
Mr Craddock intends to purchase the land and the adjoining land (refer Application No.200720039) for use as a boutique bloodstock breeding programme and as a base for a bloodstock consultancy business. The land is ideally situated for this, being located in Matamata and in close proximity to New Zealand Bloodstock's Karaka Sales Centre.

ContactDavid McGregor/Lisa Bartrum
Bell Gully
P O Box 4199
AUCKLAND