| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 29 April 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 7.4035 hectares of land at Elysium Way, Oliver's Ridge, Queenstown. |
| Consideration | $5,500,000 |
| Applicant | Mauro Balzarini Italy (100.0%) |
| Vendor | Campbell James Farrell and Angela Cochran-Farrell and Robert Leslie Farrell, Susan Spenser Farrell and John Woolley as trustees of the R L and S S Farrell Trust New Zealand (100.0%) |
| Background | The Applicant has business dealings in New Zealand through Wellard Group Holdings Pty Limited's subsidiary, Wellard NZ Limited, which requires him to spend approximately two months of each year in New Zealand. The Applicant intends to establish a residence in New Zealand in order to further his business interests here. Wellard Group Holdings Pty Limited's intention is to develop its New Zealand exporting business, with a focus on the export of breeding cattle, meat cattle and sheep. It views New Zealand as strategically important as New Zealand produces agricultural products that are in high demand throughout the world. Wellard Group Holdings has built a very successful business in Australia and intends to replicate this in New Zealand. 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' criteria were satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Nathanael Starrenburg Harmos Horton Lusk PO Box 28 Shortland Street AUCKLAND |