| Decision | Consent granted Section 12(a) and 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 10 December 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 83.6299 hectares of land at Wyuna Station, Glenorchy, Queenstown: and An overseas investment in sensitive land, being the Applicant's acquisition of membership securities in the Applicant (which owns or controls and interest in sensitive land) resulting in the Applicant having a 25% or more ownership or control interest in the Applicant. |
| Asset Value | To be advised once the 83.6299 hectares has been transferred to the Applicant and has been valued by the Queenstown Lake District Council and the Otago Regional Council for rating purposes. |
| Applicant | Wyuna Preserve Residents Association Incorporated United States of America (60.0%) New Zealand (40.0%) |
| Vendor | Wyuna Joint Venture United States of America (60.0%) New Zealand (40.0%) |
| Background | The Overseas Investment Commission in its Decision Number 200010054 gave its consent to the acquisition of Wyuna Station at Glenorchy, near Queenstown. It was intended to create a small and secluded subdivision development consistent with the conservation values being applied at Wyuna Station, primarily in order to meet the costs of development of Wyuna Station. The total area of land involved in the subdivision is 169.8100 hectares. This application relates only to part of the land covered by the previous decision, namely the 83.6299 hectares, being the access lot and 4 native regeneration and open space preserve lots (the land), within the subdivision development. The land needs to be held in common for the benefit of all residents within the subdivision. To achieve this common ownership, the Joint Venture proposes to transfer the land to the Applicant. 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 | Lesley Brook Anderson Lloyd Lawyers (Dunedin) Private Bag 1959 DUNEDIN 9016 |