| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 18 December 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 394.0510 hectares of land at 3 Lilybank Rd, Lake Tekapo. |
| Consideration | CONFIDENTIAL |
| Applicant | Adagio Trust Belgium (100.0%) |
| Vendor | Mt Gerald Station Limited New Zealand (100.0%) |
| Background | The persons for whose benefit the Applicant has been established are keen conservationists. Accordingly they wish to purchase a property in the Mackenzie Basin where they can enjoy the natural beauty of New Zealand and preserve the same for future generations. They wish to ultimately move to New Zealand and see this proposed purchase as the beginning of that process. The Applicant wishes to restore the Property to a predominantly indigenous condition. A professional long term Ecological Restoration Management Plan will be implemented which will establish a predominance of native species and ensure resultant communities are resilient to natural disturbances. This Restoration Programme will provide an invaluable opportunity for research on the practical implementation of restoration in the South Island high country. In addition, a Land Covenant will restrict future subdivision and new commercial activity over the acquired Property and the surrounding land retained by the Vendor. 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 | Hugh Lindo Duncan Cotterill (Christchurch) PO Box 5 CHRISTCHURCH |