| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 17 April 2013 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 0.3992 hectares of land at Western Lake Road, Palliser Bay, RD3, Featherston. |
| Consideration | $1,850,000 |
| Applicant | William P. Foley II United States of America |
| Vendor | Chateau Wellington Limited David Charles Morris, New Zealand (33.4%) Grant Desmond Vinten, New Zealand (33.3%) Karyn Morris, New Zealand (33.3%) |
| Background | The land comprises a substantial residential house and landscaped grounds and is situated within the Wharekauhau Lodge and Country Estate (owned by the Applicant). The Vendor currently operates a boutique luxury accommodation business on the Land. The Applicant intends to use the land as a residence when he visits New Zealand and, when not in use, as an additional luxury accommodation option for Wharekauhau Lodge. 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 Regulations 2005 |
| More information | Andrew Monteith Minter Ellison Rudd Watts PO Box 3798 AUCKLAND 1140 |