| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 5 June 2019 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 19.6266 hectares of land at 68 Queensberry Terrace, Queensberry, Otago. |
| Consideration | $5,090,250 |
| Applicant | Joval Wine Group (NZ) Limited John Fulvio Valmorbida and family, Australia (100%) |
| Vendor | Avalon Estate Limited New Zealand (100%) |
| Background | Joval Wine Group Limited has been granted consent to purchase a vineyard in Central Otago to grow grapes for its award winning ‘Nanny Goat’ premium wine brand. The Applicant believes that with its strong beverage distribution network in Australia, (which sold approximately 9.1% of all Australian on-premise wines in 2018), it can make its label Nanny Goat a well known premium brand in Australia and overseas. Opening up the Australian market to Central Otago wines is likely to benefit the New Zealand wine industry generally. The Applicant has the ability (through its distribution channels) to place its products at the premium end of the market. The Applicant also has the potential to raise the profile of the region through promoting its award-winning Nanny Goat brand. The Applicant plans to plant additional vines, expand the winery and create a barrel room to increase capacity as well as employing additional staff. |
| More information | Catherine Reid Barrister catherine@catherinereid.co.nz |