Applicant
Antipodean Lands Limited
Case number(s)
201110100
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date14 September 2011
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 234.5055 hectares of land at 1108 Whatatutu Road, Whatatutu, Gisborne.
Consideration$3,270,000
ApplicantAntipodean Lands Limited
Phillip Maxwell Colebatch, Australia (100.0%)
VendorThomas Jack Oswald Fraser
New Zealand (100%)
Background

The Applicant intends to acquire the land and certain stock and plant equipment as a further investment in the New Zealand farming industry. The land will be used for general farming and also as a finishing and breeding unit.

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)(d) – Historic Heritage
17(2)(e) – Walking Access
17(2)(f) – Offer to sell seabed/foreshore/riverbed to the Crown

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

More information

Andrew Petersen
Bell Gully (Auckland)
PO Box 4199
AUCKLAND 1140

Peter Sygrove
Bell Gully (Auckland)
PO Box 4199
AUCKLAND 1140