Applicant
Vision Hills Estate Limited
Case number(s)
201120086
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date23 May 2012
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of:

  • a freehold interest in 20.2973 hectares of land located at Otamarua Road, Paroa Bay, Bay of Islands; and
  • a leasehold interest in 4.0000 hectares of land located at Otamarua Road, Paroa Bay, Bay of Islands.
Consideration$6,200,000
ApplicantVision Hills Estate Limited
Richard Anthony Magides, United Kingdom (100.0%)
VendorVolker Udo Zahn
Germany (100%)
Background

The Applicant intends to further develop the Vision Hills vineyard, winemaking and wine sales operation and to operate the property and dwellings as a luxury accommodation and winery retreat.

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)(iii) – Increased export receipts
17(2)(a)(iv) – Added market competition/productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products

Overseas Investment Regulations 2005
28(a) – Consequential benefits

More informationMatthew Edwards
Berry & Co
PO Box 179
QUEENSTOWN 9348