Applicant
Greystone Wines Limited
Case number(s)
201110011
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date23 March 2011
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 35.9858 hectares of land at 424 Omihi Rd, Waipara Valley, North Canterbury.
Consideration$3,500,000
ApplicantGreystone Wines Limited
Peter Thomas, New Zealand (100.0%)
VendorMuddy Water Limited
Michael Charles East, New Zealand (99.0%)
Jane Louise East, New Zealand (1.0%)
Background

The Applicant is a 100% owned subsidiary of Sun Genesis Limited, a company incorporated in Hong Kong. Sun Genesis Limited is owned by a New Zealand citizen Peter Thomas.

The land at 424 Omihi Rd contains the Muddy Water vineyard and winery. The Applicant intends to further develop the Muddy Water vineyard and winery. The Applicant also believes there are many synergies between the Muddy Water vineyard and the Applicant's existing vineyard which is in close proximity to the Investment. The Applicant also intends to increase public access to the land by creating an extended bike and walking trail.

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
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Added market competition/productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(e) – Walking Access

Overseas Investment Regulations 2005
28(e) – Previous investments
28(g) – Enhance the viability of other investments

More informationDavid Goodman
Goodman Tavendale Reid
PO Box 442
CHRISTCHURCH