| Decision | Consent granted retrospectively Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 6 June 2014 |
| Investment | Consent has been granted to the Applicants to become the beneficial owners of a freehold interest in approximately 34.8920 ha of land at Walter Peak, Queenstown. |
| Consideration | The consideration is the amount owing under the original mortgages. |
| Applicant | Morris Salomon Kahn, Shmuel Meitar and David Simon Kahn Israel (100%) |
| Vendor | Aviation Properties NZ Limited Roderick William Guthrie Nielsen, New Zealand (100%) |
| Background | In 2006, the then owners of Walter Peak Station (which included the Applicants) sold around 39 hectares of land to a New Zealand property developer. The property developer intended to construct residential dwellings and a visitors accommodation lodge on the land but went into receivership before the development could be completed. In 2013, the owners of Walter Peak Station re-acquired most of the land they had sold to the property developer (refer case 201220013). The Applicants (being the current owners of Walter Peak Station) now intend to re-acquire the remaining land held by the property developer and progress the development by completing the indigenous replanting requirements of the resource consent. The Applicants are re-acquiring the land by enforcing mortgage interests they hold in the land (refer case 201320010). 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 | John Williamson Checketts McKay PO Box 41 ALEXANDRA |
| Retrospective penalty | $3,000 |