| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 8 June 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 2.5000 hectares of land at 283 Waimarama Rd, Havelock North. |
| Consideration | $1,893,000 |
| Applicant | Craggy Range Vineyards Limited Terrence Elmore Peabody, Australia (99.0%) Stephen Mark Smith, New Zealand (1.0%) |
| Vendor | Denis Terence Thorner and Pamela Anne Brockie New Zealand (100%) |
| Background | The Applicant owns and manages an existing winery, restaurant, cellar door and boutique accommodation at 253 Waimarama Road. The Applicant is acquiring the land in order to expand the neighbouring Waimarama Road property with a view to increasing the hospitality, tourism and production capacity of its existing business. The Applicant proposes to develop the land by building an additional 4-6 boutique accommodation cottages in line with the properties on the Applicant's existing estate and to use the land to increase its current winemaking facilities for its prestige wines. 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 | John Brown Brown Partners Lawyers PO Box 1496 Shortland Street Auckland 1140 |