| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 11 March 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 9.8320 hectares of land at 348 Rea Road, Katikati. |
| Consideration | $943,750 |
| Applicant | Evan Bouw & Katja Waardenburg The Applicants are nationals of the Netherlands and are currently residing in Omokoroa, New Zealand. They are seeking to reside in New Zealand indefinitely. |
| Vendor | Alan John Hay and The Estate of Kristin Margaret Morton New Zealand (100.0%) |
| Background | The Applicants have been granted an interim (9 month) New Zealand Long Term Business Visas/Permits to operate a sandwich bar in Tauranga. The vendor used the property as a lifestyle property. There is an organic avocado orchard on the property which was already established when the Vendor purchased the property. The Applicants wish to purchase the property as a lifestyle block but also operate some business activities from the avocado orchard which currently constitutes 2 hectares of the land which is intended to be increased to 4 hectares. The Applicants have the intention to become New Zealand residents. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. |
| More information | Stephan Bosman Harris Tate Solicitors P O Box 1147 Tauranga 3140 |