| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 15 May 2013 |
| Investment | An overseas investment in sensitive land, being the Applicants’ acquisition of a freehold interest in approximately 20.2450 hectares of land at Lot 16, Mataka Station, Rangihoua Road, Kerikeri. |
| Consideration | $1,730,000 |
| Applicant | Michael Martin Crandall and Michele Ann Esposito Michele Ann Esposito, United States of America (50.0%) Michael Martin Crandall, United States of America (50.0%) |
| Vendor | Auckland Road Family Trust New Zealand (100%) |
| Background | The Applicants are acquiring the Land for use as a holiday retreat. It is one of thirty lifestyle lots within the Mataka Development which was established on the Purerua Peninsula in 2002. The sale of individual lots provides capital for the communal farming and conservation programmes which are an integral part of the development. 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 Overseas Investment Regulations 2005 |
| More information | Chris Green Chapman Tripp PO Box 2206 AUCKLAND 1140 |