Applicant
Accolade Wines New Zealand Limited
Case number(s)
201510080
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision Date21 September 2015
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in approximately 3.2687 hectares of land at 82 Delta Lake Heights, Waihopai, Marlborough.
Consideration$540,871 (net present value of lease payments)
Applicant

Accolade Wines New Zealand Limited
United States of America (38.4271%)
Australia (19.9609%)
China, People’s Republic of (8.1302%)
Netherlands (8.0741%)
Singapore (6.8005%)
Various overseas persons (18.6072%)

Vendor

QWIL Investments (NZ) Pty Limited
Gold Rainbow Int'l Limited, Hong Kong (SAR) (45.31%)
Trueway International Limited, Hong Kong (SAR) (22.05%)
Triluck Assets Limited, Hong Kong (SAR) (7.45%)
Hong Kong Public (25.1843%)
Various overseas persons (0.0057%)

Background

The Applicant intends to continue to cultivate the grapes on the property by incorporating the land into its vineyard operation on the adjoining land.

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)(iii) – Increased export receipts
17(2)(a)(iv) – Greater productivity or efficiency
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

More information

Tim Tubman
Chapman Tripp
PO Box 2206
AUCKLAND 1140