Applicant
SKYCITY Investments Queenstown Limited
Case number(s)
201810325
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision MakerOverseas Investment Office
Decision Date16 May 2019
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 1.0153 hectares of land at 633 Frankton Road, Queenstown.
Consideration$16,000,000
ApplicantSKYCITY Investments Queenstown Limited
Australia (46.88%)
New Zealand (29.53%)
United States of America (10.92%)
United Kingdom (8.58%)
Various (4.09%)
VendorPassion Cove Limited
New Zealand (100%)
Background

The Applicant is part of the SKYCITY group of companies, which is New Zealand’s largest tourism, leisure, and entertainment business.

The Applicant intends to use the land to develop a five-star hotel that will complement its existing entertainment facilities in Queenstown and help attract international visitors to Queenstown.

The investment is likely to benefit New Zealand through:

  • the creation of new jobs (hospitality jobs at the new hotel);
  • additional investment for development purposes (for the development of the new hotel);
  • increased export receipts (resulting from increased high net worth international visitors); and
  • New Zealand participation (ability for New Zealand participation through acquisition of NZX listed shares).
More informationAnna Crosbie
Russell McVeagh
PO Box 8
AUCKLAND