Applicant
North Ridge Accommodation Limited
Case number(s)
200820015
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date22 October 2008
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 23.2782 hectares of land at Malaghans Road, Queenstown.
Consideration$1,999,618
ApplicantNorth Ridge Accommodation Limited
New Zealand (100.0%)
VendorSharp (Roger Keith and Christine Catherine)
New Zealand (100.0%)
Background

The relevant land is currently owned by Roger Sharp and Christine Sharp who are both New Zealand citizens.

Mr and Mrs Sharp intend to transfer the relevant land to North Ridge Accommodation Limited, a company owned by Knight Coldicutt Trustees Limited in its capacity as trustee of the North Ridge Trust. The North Ridge Trust is a discretionary trust whose beneficiary is Mr Sharp's overseas superannuation fund.

North Ridge Accommodation Ltd was formed to acquire the property for the primary purpose of providing holiday accommodation to Mr and Mrs Sharp and for the secondary purpose of providing rental accommodation to tourists during those periods when the property is not occupied for Mr and Mrs Sharp.

The overseas investment transaction has satisfied the criterion in section 16(1)(e)(i) of the Overseas Investment Act 2005.

More informationDavid Compton
Knight Coldicutt
PO Box 106-214
AUCKLAND