| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 29 July 2016 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in approximately 27.0936 hectares of land at 2891 State Highway 1, Turangi. |
| Consideration | $849,339 |
| Applicant | Trans Tasman Holiday Parks Limited John Denis Tilton, Australia (97.5%) Napadsakon Tilton, Australia (2.5%) |
| Vendor | Motutere Family Trust Brent Anthony McIntosh and family, New Zealand (100.0%) |
| Background | The Applicant is acquiring the Motutere Bay Holiday Park (“the Park”), on Lake Taupō, which lies on sensitive land leased from the Taupō District Council. The Applicant will invest significant capital in upgrading and expanding the Park’s facilities and will also improve marketing. Together, the Applicant anticipates that these initiatives will result in significant increases in occupancy, revenue and overall profitability. The Investment will also result in improved walking access along the foreshore of Lake Taupō. 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 |
| More information | Peter Jones P W Jones Lawyer 30 Hope Avenue Russell 0200 |