Overseas investment decision for case 201510014 - Coleridge Downs Limited

The Applicant has been granted consent to acquire a 3,418 hectare sheep and beef farm in Rakaia Gorge, Canterbury, known as ‘Big Ben Station’.

The Applicant intends to integrate Big Ben Station with its existing farms in the area - Coleridge Downs, Dry Acheron and Annavale. The proposed integration, together with the Applicant’s substantial 5 year capital investment plan, is expected to significantly improve the performance of all four properties.

The Applicant also proposes a variety of significant environmental initiatives. These initiatives include:
(a) Protecting around 1,500 hectares of land through the registration of a QEII open space covenant or conservation covenant; and
(b) Extending the existing walkway located on Dry Acheron to create a loop track which would cross Big Ben Station.

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 and productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(b) – Indigenous vegetation/fauna
17(2)(e) – Walking access

Overseas Investment Regulations 2005
28(e) – Previous investments