| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 17 October 2008 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 7.4740 hectares of land at Burn Cottage Road, Cromwell, Central Otago. |
| Consideration | CONFIDENTIAL |
| Applicant | Sauvage Family Vineyard United States of America (100.0%) |
| Vendor | Brendon Hugh Meehan and Shelagh Mary Meehan New Zealand (100.0%) |
| Background | In 2002 the Applicant obtained Overseas Investment Commission consent to acquire the land on which it currently operates a 12 hectare vineyard (Existing Vineyard), known as Burn Cottage Vineyard. The Existing Vineyard adjoins the Land subject to this Application. The grapes are grown under biodynamic principles, where animal manure is used as fertiliser and the grapes are organically grown. The Applicant will plant 5000 vines on the Land and primarily produce Pinot Noir wine. To aid in the production of manure to fertilise its existing grapes and the grapes that will be planted on the Land the Applicant intends to graze several Highland Cattle. The Applicant wishes to purchase the Land as a means of expanding its current vineyard operations. The purchase of the Land is vital to the Applicant to achieve its biodynamic supplies of manure and hay, which it requires to produce the consistent quality of wine for exports. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Elliot Goldman Macalister Todd Phillips PO Box 653 QUEENSTOWN |