| Decision | Consent granted retrospectively Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 15 June 2015 |
| Investment | An overseas investment in sensitive land, being Paul Steven Brainerd and Deborah Rook Brainerd, Pounamu Holdings 2014 Limited and Glenorchy Marketplace Foundation’s acquisition of a direct or indirect freehold interest in approximately 1.6186 hectares of land at 62 and 64 Oban Street, Glenorchy. |
| Consideration | $1,000,000 |
| Applicant | Paul and Deborah Brainerd/Pounamu Holdings 2014 Limited United Stated of America (100%) |
| Vendor | Humbolt Holdings Limited New Zealand (100%) |
| Background | Mr and Mrs Brainerd are the shareholders of Pounamu Holdings 2014 Limited and founders of the Glenorchy Marketplace Foundation. The Applicants propose to develop the Glenorchy Marketplace, including a campground, General Store, café, cottage accommodation, community classroom and artist studio. Net profits from the Glenorchy Marketplace are intended to be returned to the Glenorchy community through a charitable trust. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Steve Hewland Glenorchy Marketplace Project PO Box 135 Glenorchy 9350 |
| Retrospective penalty | $7,500 |