| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 2 June 2015 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in all that land at 42 Whakamoenga Point contained in Unique Identifier SA46D/240 being firstly a fee simple estate of 1055 sqm more or less described as Lot 42 DP SA56566 and secondly a 1/47th share in the fee simple estate of 12.9895 hectares more or less described as Lot 57 DP SA56566, located at Whakamoenga Point, Acacia Bay, Taupo. |
| Asset value | $1,550,000 |
| Applicant | Michell (Antony Peter) and Michell (Corinne Alaina) United Kingdom (100%) |
| Vendor | The Point Taupo Limited New Zealand (100%) |
| Background | The Applicants are acquiring a property at a residential subdivision at Whakamoenga Point in Taupo (the “Point”). The Applicants intend to let out the house on the property as a high end holiday destination until they eventually retire and use it as a residence. In addition, the Applicants will make regular contributions to a local community group, fund environmental initiatives at the Point and invest into the construction of new residential accommodation in the Auckland area. 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 | Tom Mounsey Malcolm Mounsey Clarke PO Box 516 Taupo 3351 |