| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 10 December 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a crown pastoral lease in 8,579.1409 hectares of land at Glencoe Station, Crown Terrace, Wakatipu. |
| Consideration | Confidential |
| Applicant | Soho Property Limited United Kingdom (except Isle of Man and the Channel Islands) (100.0%) |
| Vendor | Glencoe Station Ltd New Zealand (100.0%) |
| Background | The shareholder of the Applicant has previously been granted consent to acquire the pastoral leases for Motatapu and Mt Soho Stations (refer Application numbers 200310141/200310143). Since the acquisition of Motatapu and Mt Soho Stations a significant development and land restoration programme has been undertaken. That farm development programme is now nearing completion. The purchase of Glencoe Station will significantly enhance the existing farming unit by allowing often otherwise marginally viable, narrow, valley pastures on each side of the perimeter fences to be amalgamated. By incorporating Glencoe Station, the Applicant will have a far more economically viable area of pasture in the valleys. This enhanced economic viability will take pressure off (and in some parts totally avoid the need for grazing) the steeper degraded and thus more sensitive areas. The eradication of noxious animals and plants will be a priority. Cattle (which are very harsh on sensitive land) will be removed and merino sheep will be reintroduced. 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 | Willy Sussman Bell Gully (Auckland) PO Box 4199 AUCKLAND 1140 |