| Decision | Consent declined Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 8 January 2020 |
| Pathway(s) | Sensitive land – substantial and identifiable benefit to New Zealand |
| Investment | Consent is declined under the Overseas Investment Act 2005 to Pukaki Lake Developments Limited to give effect to an overseas investment in sensitive land, being the acquisition of approximately 19.3446 hectares of land at 4587 and 4589 State Highway 8, Tekapo-Twizel Road, Canterbury. |
| Consideration | $3,500,000 |
| Applicant | Lake Pukaki Development Limited |
| Vendor | Pukaki Village Limited |
| Background | The Applicant is a New Zealand company incorporated to hold the proposed Investment. The Applicant intended to develop an observatory and wedding chapel on the land and subdivide part of the land into residential lots to be sold to third parties for holiday homes which the Applicant would manage. The decisionmaker had concerns as to whether these developments would occur. For consent to be granted, the decision maker needed to be satisfied that the Investment would result in substantial and identifiable benefit to New Zealand and that the Applicant had business experience and acumen relevant to the Investment. The decisionmaker was not satisfied that all of the criteria in section 16 of the Overseas Investment Act 2005 were met. |
| More information | Royal Reed |