Applicant
Endeavour Vineyards Pty Ltd
Case number(s)
201410085
Decision date
Type
Decision
DecisionConsent granted retrospectively
Section 12(a) Overseas Investment Act 2005
Decision date24 August 2014
Investment

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

  • a 24% freehold interest in approximately 45.1179 hectares of land at 1397 Waihopai Valley Road, Marlborough; and
  • an option to increase its interest in the Land to 51% granted under a joint venture agreement.
Consideration$654,000
ApplicantEndeavour Vineyards Pty Ltd
John Fulvio Valmorbida and family, Australia (100.0%)
VendorSerendipity Vineyard Limited
Anthony Louis Moore, New Zealand (100.0%)
Background

The Applicant has obtained retrospective consent to its acquisition of an interest in the land, which has been developed as a vineyard. The Applicant has also been granted consent for the acquisition of an option to increase its interest in 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) – Jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Added productivity
17(2)(a)(vi) – Increased processing of primary products

Overseas Investment Regulations 2005
28(i) – Economic interests
28(j) – Oversight and participation by New Zealander

More informationTessa Baker
Chapman Tripp
PO Box 2206
AUCKLAND 1140
Retrospective penalty$10,000