Overseas investment decision for case 201310046 - Lees Valley Station LLC

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

• a freehold interest in approximately 13,156 hectares (known as Kingsdown, Debourbles, Island Hills, Wharfdale and Okuku Hills); and
• a pastoral leasehold interest in approximately 14,087 hectares (known as Mt Pember and Snowdale);

being seven hill country properties collectively known as Lees Valley (or Mt Pember) Station, located in the Lees Valley, Canterbury (“the Investment”).

The Applicant will convert the land from a sheep, cattle and deer station to dairy support. The Applicant will commit significant funds to the development/improvement of the land.

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)(iv) – Added market competition, greater productivity/efficiency
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)(e) – Walking access
17(2)(f) – Offer to gift riverbed to the Crown

Overseas Investment Regulations 2005
28(d) – Owner to undertake other significant investment
28(f) – Advance significant Government policy or strategy
28(i) – Economic interests