Overseas investment decision for case 200920064 - GH Westbury Pty Limited

An overseas investment in sensitive land, being the Applicant's acquisition of:

• a freehold interest in 108.2120 hectares of land at 496B Hinuera Rd, 65, 103 Hopkins Rd, 4870-4872 SH29, Hinuera, Matamata; and
• a mortgage in 108.2120 hectares of land at 496B Hinuera Rd, 65, 103 Hopkins Rd, 4870-4872 SH29, Hinuera, Matamata.

The Applicant is a company formed in Australia on 20 May 2008.

The sole shareholder of the Applicant is Gerard Harvey, an Australian resident. The Applicant makes this application as the corporate trustee of the GH Westbury Trust. The beneficiaries of the GH Westbury Trust are Gerald Harvey and all of his children. The land is used as a thoroughbred stud farm and is presently owned by the Twin Pines Waikato Trust (Trust).

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
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(ii) – New technology or business skills

Overseas Investment Regulations 2005
28(b) – Key person in a key industry
28(c) – Affect image, trade or international relations