Applicant
Pitts (Kenneth John and Audrey Josephine)
Case number(s)
200720064
Decision date
Type
Decision
Decision number200720064
Application number200710078
Date27 November 2007
Offeror/applicantPitts (Kenneth John and Audrey Josephine) 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)Matira Limited of New Zealand
Business activitiesAgriculture - Other Livestock - Horse Farming
Details of land involved12.4697 hectares of freehold situated at Matira Road, RD2, Ngaruawahia being part CT SA1760/16 (South Auckland Registry).
Regions involvedWaikato
Total consideration$753,750
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 and that the Applicants are intending to reside in New Zealand indefinitely.

Background:
Mr Pitts, in conjunction with Mrs Pitts and their son Toby, have been issued with interim nine month Long Term Business Visas (LTBV).

Outline of Proposed Development:
The Applicants propose to acquire the land to establish their own home and equestrian business. The business will have a focused approach toward tapping into the cottage industry of polo breeding. The polo horses will be for sale both in New Zealand and internationally for export. Homestay holidays will also be offered to prospective buyers of the polo horses. The remainder of the property will be used for grazing horses as part of the intended polo training facility.
The Applicants have made a commitment to move to New Zealand permanently by placing their home in the United Kingdom on the market and have opened a New Zealand bank account.

Rationale for Proposed Development:
The residence is suited to the Applicants' intended use of a home-stay facility. The Applicants' wish to offer a more complete 'polo experience' comprising trialling polo horses, polo training and playing friendly polo matches.

ContactColin Cochrane
McBreens Solicitors
P O Box 1542
HAMILTON