Applicant
Premier Dairies Limited
Case number(s)
201420033
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date11 November 2014
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 205.5226 hectares of land at 27 Bridge Inn Road, Rakahouko, Invercargill (“the Property”).
Consideration$9,600,000
ApplicantPremier Dairies Limited
Balreask Trust, Thomas Clinton Family, Ireland (99.9%)
Sarah Clinton, Ireland (0.1%)
VendorRoslyn Bush Pastoral Limited Partnership
New Zealand (100%)
Background

The Clinton Family (through the Applicant) has established a large dairy farm operation in Southland since 2000. The Applicant intends to use the Property as a standalone dairy platform complemented by nearby dairy run off land.  The Applicant intends to develop and improve the Property to increase production.

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) – Greater efficiency or productivity
17(2)(a)(vi) – Increased processing of primary products.

Overseas Investment Regulations 2005
28(e) – Previous investments
28(g) – Enhance the viability of other investments
28(i) – Economic interests.

More informationJohn F C Henderson
Evans Henderson Woodbridge 
PO Box 326
Marton 4741