| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 7 October 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 20.2924 hectares of land at 259 Grange Road, Burnham, Canterbury. |
| Consideration | $2,127,500 |
| Applicant | Overport Lodge Partnership Peter John Chambers, Australia (75.0%) Mark Peter Jones, New Zealand (25.0%) |
| Vendor | Grange Farm Limited Keith James Neylon, New Zealand (100.0%) |
| Background | The land to be acquired (Land) is a racehorse training and breeding facility. The Applicant partnership has been specifically formed for the purpose of owning and leasing the land to Mark Jones Harness Racing Stables Limited which is owned by Mark Jones. The proposal enables Peter Chambers to relocate his broodmares to a facility in New Zealand that is managed by Mark Jones, an up and coming trainer. Mark Jones will acquire a 25 percent ownership interest in the land, with an option to increase this to 50 percent over the next three years. 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 | Sam Nelson Lane Neave PO Box 13149 CHRISTCHURCH |