Overseas investment decision for case 201310022 - Paroa Bay Winery Limited | Toitū Te Whenua

Decision	Consent granted Section 12(a) Overseas Investment Act 2005
Decision date	9 July 2013
Investment	An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 2,737.2141 hectares of land at Ben Avon Station, Ahuriri Valley, Waitaki.
Consideration	$6,500,000
Applicant	Paroa Bay Winery Limited Richard Anthony Magides, United Kingdom (100.0%)
Vendor	James Harding Crosby Morris and Mary Ann Morris New Zealand (100%) Ben Avon Run Co. Limited New Zealand (100%)
Background	The Applicant will continue to operate Ben Avon Station as a sheep and beef station, and will develop an exclusive 8 room luxury wilderness lodge on the land which will offer guided hunting, fishing, horse riding and snow sports in the Ahuriri Valley. 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 of jobs 17(2)(a)(iii) – Increased export receipts 17(2)(a)(v) – Additional investment for development purposes 17(2)(b) – Indigenous vegetation/fauna 17(2)(c) – Trout, salmon, wildlife and game 17(2)(e) – Walking access Overseas Investment Regulations 2005 28(e) – Previous investments
More information	Matthew Edwards Berry & Co PO Box 179 QUEENSTOWN 9348