| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 27 July 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 9.8210 hectares of land at Old Renwick Road, Marlborough. |
| Consideration | $1,828,125 |
| Applicant | Craggy Range Vineyards Limited Terrence Elmore Peabody, Australia (99.0%) Stephen Mark Smith, New Zealand (1.0%) |
| Vendor | White Cottage Vineyards Limited Stephen Mark Smith, Laura Bridget Cunningham Smith and Martin John Brown as trustees of the S & L Smith Family Trust, New Zealand (100.0%) |
| Background | The Applicant is an established winemaker and owns and leases vineyards with a total planted area of approximately 300 hectares. In addition, the Applicant sources grapes from independent growers throughout New Zealand. The Applicant proposes to acquire a leasehold interest in the land which contains an established vineyard of 8.4 hectares. The Applicant requires certainty of supply and assurance of quality for its winemaking business. The acquisition of the leasehold interest will enable the Applicant to secure a long-term supply of the grapes. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Regulations 2005 |
| More information | John Brown Brown Partners Lawyers PO Box 1496 Shortland Street Auckland 1140 |