Applicant
Craigmore Farming NZ LP
Case number(s)
201410044
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date2 July 2014
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 2,721 hectares of land located at 7797 Hyde-Middlemarch Rd, Otago (Taieri Lake Station).
Consideration$9,800,000
ApplicantCraigmore Farming NZ LP
United Kingdom Public (36%)
Hong Kong Public (17%)
German Public (10%)
New Zealand Public (10%)
Irish Public (6%)
Various overseas persons (21%)
VendorRaymond & Ellen Catherwood
New Zealand (100%)
Background

The Applicant intends to use the property for grazing young dairy stock, whilst maintaining a cross-bred ewe flock to run on the hill country. The property is situated within reasonable proximity to other North Otago dairy properties owned by the Applicant which is likely to lead to operational and cost efficiencies.

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) – Greater efficiency and productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(b) – Indigenous vegetation/fauna
17(2)(d) – Historic heritage
17(2)(e) – Walking access 

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(e) – Previous investments
28(f) – Advance significant Government policy or strategy
28(g) – Enhance the viability of other investments
28(i) – Economic interests
28(j) – Oversight and participation by New Zealanders

More informationChristina Lefever
Duncan Cotterill
PO Box 5
CHRISTCHURCH