| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 6 July 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 0.6405 hectares of land at Luggate-Cromwell Road, Central Otago. |
| Consideration | CONFIDENTIAL |
| Applicant | Duncan James Macgregor Ramsay and Fiona Jane Ramsay Thailand (100%) |
| Vendors | Penturen Estates Limited Gerald Robert Somerville and James Montgomery Somerville, New Zealand (60.0%) Gerald Robert Somerville, New Zealand (40.0%) |
| Background | The land adjoins a vineyard currently owned by the Applicants. The vineyard is planted in Pinot Noir, Pinot Gris, Chardonnay and Riesling grapes. The Applicants propose to amalgamate the two properties. A house on the land is leased by the vineyard’s manager. The Investment will provide the Applicants with permanent accommodation for their vineyard manager and seasonal vineyard workers, and additional equipment storage facilities for the vineyard. The Investment also provides the Applicants with future options to establish a 'cellar door' wine tasting facility should the Applicants decide to produce their own wine label. 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 | Elliot Goldman Macalister Todd Phillips PO Box 653 QUEENSTOWN |