Applicant
RobMiJon Holdings Limited
Case number(s)
201110059
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date10 August 2011
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 545.9152 hectares of land at 176 Moeraki Road, Martinborough.
Consideration$1,650,000
ApplicantRobMiJon Holdings Limited
Victoria Agnich, Robert Agnich, Michael Agnich and Jonathan Agnich, United States of America (99.0%)
Richard J. Agnich and Victoria T. Agnich, United States of America (1.0%)
VendorGerald Charles Atkinson, Barbara Joan Atkinson & Barry Pringle Howatson as trustees of the Atkinson Family Trust
New Zealand (100%)
Background

The Applicant is acquiring the land in order to establish, develop and eventually harvest a pine forest on the land. The Applicant proposes to undertake the investment as part of the Agnich family's plans to diversify their long term investments.

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)(v) – Additional investment for development purposes
17(2)(b) – Indigenous Vegetation/Fauna
17(2)(e) – Walking Access
17(2)(f) – Offer to sell riverbed to the Crown

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

More informationTessa Kennings
Chapman Tripp (Auckland)
PO Box 2206
AUCKLAND 1140