Applicant
Middle Mount Limited
Case number(s)
201220058
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date29 January 2013
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 1,471 hectares of land, known as Ruakaka Station at Tiniroto, near Gisborne.
Consideration$5,100,000
Applicant

Middle Mount Limited
Heinrich Martin Henny, Switzerland (100.0%)

Vendor

Ruakaka Station Limited
Eugene Akuhata King and Pania Marie King, New Zealand (44.0%)
Ronald Akuhata King and Justine Gayle King, New Zealand (31.0%)
Ronald Ahukata King, New Zealand (25.0%)

Background

The Applicant will continue to operate Ruakaka Station as a sheep and beef farm, but will commit significant funds for its development. One of the owners of the vendor will become co-owner of a company that will operate the farm.

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)(iii) – Increased export receipts
  • 17(2)(a)(v) – Additional investment for development purposes
  • 17(2)(a)(vi) – Increased processing of primary products
  • 17(2)(b) – Indigenous Vegetation/Fauna
  • 17(2)(c) – Trout, salmon, wildlife and game
  • 17(2)(d) – Historic Heritage
  • 17(2)(e) – Walking Access
  • 17(2)(f) – Offer to sell riverbed to the Crown

Overseas Investment Regulations 2005

  • 28(d) – Owner to undertake other significant investment
  • 28(e) – Previous investments
More information

Stephen Grant
Gallaway Cook Allan
PO Box 143
DUNEDIN