| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 14 November 2014 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 66.8661 hectares of land at 902 Malaghans Road, Queenstown. |
| Consideration | $7,000,000 |
| Applicant | Millbrook Country Club Limited Gota Ishii, Japan (76.05%) Bonny Corporation, Japan (14.68%) Millbrook Partners Japan, Japan (9.27%) |
| Vendor | Philippa Anne Macauley (1/4 share), Ian Gordon Macauley (1/4 share), the Trustees of the Dalgleish Farm Trust Number 1 (1/4 share) and the Trustees of the Dalgleish Farm Trust Number 2 (1/4 share) The Trustees of the Dalgleish Farm Trust Number 1, New Zealand (25.0%) The Trustees of the Dalgleish Farm Trust Number 2, New Zealand (25.0%) Philippa Anne Macauley, New Zealand (25.0%) Ian Gordon Macauley, New Zealand (25.0% |
| Background | The Applicant is acquiring the land to extend the Millbrook Resort. The land will be developed into a residential subdivision and will provide the possibility to create additional holes for the resort’s golf course. 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 Overseas Investment Regulations 2005 |
| More information | Jamie Nunns Morrison Kent PO Box 10035 The Terrace WELLINGTON 6143 |