| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 9 March 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 0.5180 hectares of land at 4 Reavers Lane, Queenstown. |
| Consideration | $4,700,000 plus GST |
| Applicant | NZ Snow Limited Matthew Goodall, Australia (100.0%) |
| Vendor | Abacus Funds Management Limited as Trustee for the Abacus Unitel Trust Australia (100%) |
| Background | The Applicant's related company, Oz Snow Adventures Pty Limited, has been successfully providing holiday packages to Queenstown for the past six years. The acquisition of the property at Reavers Lane, which contains Reavers Lodge, will enable the companies to offer an accommodation option as part of their package holidays to New Zealand. This will allow the Applicant and Oz Snow to provide better accommodation at reasonable prices in order to attract increased numbers of short term tourist visitors to New Zealand. 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 | Robert Huse Anderson Lloyd Lawyers (Queenstown) PO Box 201 QUEENSTOWN 9300 |