| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 3 June 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 56.0219 hectares of land at 126 Mangawhero Road, Matamata. |
| Consideration | $4,300,000 |
| Applicant | Fieldhouse Limited T M Gott, Australia (100.0%) |
| Vendor | The New Zealand Guardian Trust Company Limited Promina Group Limited, Australia (100.0%) |
| Background | Consent under the Overseas Investment Regulations 1985 was granted in 1993 to Secure Resources Limited (a New Zealand registered company in which Mr Gott holds a 60% share, and his two children a 20% share each) acquiring an 56.8821 hectare property. The Applicant states that this property is used for a 650 calf raising scheme (along with an 85 dairy cow herd to supply milk for the calves and a herd of 25 pedigree Hereford cows). The acquisition will allow the Applicant to expand the existing calf rearing operation being undertaken on the adjoining associated land owned by Secure Resources Limited. It is expected that around 650 additional calves per annum will be raised on the land, together with some 75 cows. 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 | Anna McFadden Fenton McFadden PO Box 36 TE PUKE |