| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 24 October 2008 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 34.1216 hectares of land at 179 Pudjeck Road Timaru. |
| Consideration | $1,300,000 |
| Applicant | Armidale Trust Adrian and Brenda Hall, as trustees of the Armidale Trust, are husband and wife and citizens of the UK. They have farmed for 32 years and in September 2007 they disposed of all their farming assets in the UK. Together, with the assistance of one FTE, they ran an approximate 200 hectare farm with over 2000 sheep and 70 cattle. |
| Vendor | Bryan Edward Rapsey New Zealand (100.0%) |
| Background | The Applicant's Trustees are currently residing in South Canterbury and intend to live in New Zealand indefinitely. Both hold their interim (9 month) Long Term Business Visas (LTBV), which were issued on 19 March 2008. The Applicant's trustees' visas will expire on 18 December 2008, after which point they intend to apply for their New Zealand permanent residency. The Applicant intends maintain a 200-280 ewe flock, and rear 50 calves per year on the Land. The overseas investment transaction has satisfied the criterion in section 16 of the Overseas Investment Act 2005. |
| More information | Barrie Suter Raymond Sullivan McGlashan PO Box 557 TIMARU |