| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 22 September 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 0.8554 hectares of land at 96 Fernhill Rd, Queenstown. |
| Consideration | $650,000 |
| Applicant | Heritage Hotel Management Limited Singapore Public (100.0%) |
| Vendor | Little Rock Management Company Limited Paul Wayne Burton and family, New Zealand (50.0%) Roderick William Guthrie Nielsen and family, New Zealand (50.0%) |
| Background | The Applicant is part of the Dynasty Hotel Group, which operates hotels in the four star market throughout New Zealand. The Applicant intends to acquire the leasehold interest over the land at 96 Fernhill Rd, Queenstown upon which the Heritage Villas Resort (Resort) is situated. The Dynasty Hotel Group currently manages the Resort and will continue to operate it. 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 Act 2005 |
| More information | Greg Allen Simpson Grierson (Auckland) Private Bag 92518 AUCKLAND 1141 |