| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 10 December 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 4.3870 hectares of land at 4 Fraser Street and Port Road, Whangarei. |
| Consideration | $8,437,500 |
| Applicant | Le Port Blue Limited Charles Lehartel, France (72.0%) David Charles Porter, New Zealand (9.0%) Terrence Frederick Porter, New Zealand (9.0%) Eileen Lehartel, France (5.0%) Vainui Lehartel, France (5.0%) |
| Vendor | Northern Land Holdings Limited (In Receivership) Allen Stuart Jones, New Zealand (100.0%) |
| Background | Le Port Blue Ltd is acquiring the property in order to redevelop the land as a world class yacht and shipbuilding facility with the capability of building super yachts and commercial vessels in the 80 metre range. The facility will be operated by its associated company (Le Port Marine Ltd - Marine). The proposed investment will rejuvenate an asset that is currently lying moribund as a result of the collapse of the yachting business that was carried out on the land and will help to stimulate the economy in the Whangarei district. 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 Overseas Investment Regulations 2005 |
| More information | Mark Nicholson Chapman Tripp PO Box 2206 AUCKLAND 1140 |