Overseas investment decision for case 201420096, 201520074, 201520073 - Horizons Investment Trust, Wild Grass Limited Partnership & Wild Grass Investments No.1 Limited

An overseas investment in sensitive land, being the acquisition of freehold interests by:

• Horizons Investment Trust of approximately 14ha of land located at Jacks Point, Queenstown (Lot 1 DP 447241 - 201420096);
• Wild Grass Limited Partnership of approximately 24ha of land located at Jacks Point, Queenstown (Lot 2 DP 447241 - 201520074);
• Wild Grass Investments No.1 Limited of approximately 3ha of land located at Jacks Point, Queenstown (Lot 3 DP 447241 - 201520073).

Horizons Investment Trust - Lot 1
Adam Wayne Smith, New Zealand (100%)

Wild Grass Limited Partnership - Lot 2
Australian public (76%)
Various overseas persons (24%)

Wild Grass Investments No.1 Limited - Lot 3
Adam Wayne Smith, New Zealand (75.5%)
Australian public (24.5%)

The Applicants are joint venture parties who wish to develop a 5-star luxury resort over the three combined properties located at Jacks Point near Queenstown. The applicants have an agreement in place with a luxury premium 5 star resort group to manage the resort.

The new Resort is intended to include a luxury Hotel (including restaurants, meeting facilities, fitness facilities etc) and Lodge, along with approximately 33 cabins, 14 two bedroom units plus 18 three bedroom residences.

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
17(2)(a)(i) – Creation of Jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Greater productivity
17(2)(a)(v) – Additional investment for development purposes

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(f) – Advance significant Government policy or strategy