| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 16 February 2017 |
| Investment | An overseas investment in sensitive land, being the Applicant’s acquisition of a freehold interest in approximately 2.4178 hectares of land at 115 Nick Johnstone Drive, Waiheke Island. |
| Consideration | $8,000,000 |
| Applicant | Keith Ross & Alison Ross Australia (100%) |
| Vendor | Nicholas Lindsay Scott Johnstone & Annette Mary Johnstone and Robin Winston Hargrave (as trustees of the NLS & AM Johnstone Home Trust) New Zealand (100%) |
| Background | The approximately 2.4178 hectares of land at 115 Nick Johnstone Drive, Waiheke Island (“the Land”) is being sold as a luxury residence which features a large house with the remainder of the Land being split between bush and bare, undeveloped land. The Applicant intends to purchase the Land to use the dwelling as a holiday home. The Applicant will carry out an ecological development plan on the Land that will include planting and ongoing maintenance of indigenous plants, pest plant control, fencing and pest mammal control. The Applicant will donate NZ $120,000 (over eight years) to the Royal Forest and Bird Society (“Forest and Bird”) to fund works on Forest and Bird’s Atawhai-Whenua Reserve that adjoins the Land. The Applicant will also donate NZ $70,000 (over seven years) to the Westpac Rescue Helicopter service that provides medical services to residents of Waiheke Island. 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 Overseas Investment Regulations 2005 |
| More information | Catherine Reid Barrister Catherine@catherinereid.co.nz |