| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision Date | 31 March 2020 |
| Pathway(s) | Sensitive land (including residential) – substantial and identifiable benefit to New Zealand |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of: a leasehold interest in 143.8 hectares of land at Te Arai South; and a freehold interest in 25.2 hectares of land at Te Arai South. |
| Consideration | $3,490,000 |
| Applicant | Te Arai Links Richard and Suzanne Kayne Living Trust, United States of America (100%) |
| Vendor | Te Arai South Holdings Limited Wyuna Trust, New Zealand (100%) |
| Background | The Applicant seeks consent to acquire a combination of leasehold and freehold interests in approximately 169 hectares of land located within Te Arai South Precinct (the Land). The Applicant intends to develop two links style 18-hole championship level golf courses on the Land, together with clubhouse and visitor accommodation and maintenance and water storage facilities (the Investment). The Land is currently a pine plantation forest used for production forestry. The ultimate owner of the Applicant developed the nearby Tara Iti golf course which is also an 18-hole links style course and is ranked the 2nd best golf course in the world outside the USA. The Investment will enable the transfer of the freehold title in certain parts of the Land to the Ngati Manuhiri Settlement Trust (subject to the Applicant’s leases). The benefits to New Zealand include the creation of 40 permanent full-time roles, an increase in exports by at least $6 million a year by the end of 2022, the advancement of the New Zealand-Aotearoa Government Tourism Strategy and the introduction to New Zealand of at least $25 million for development purposes. The Applicant will undertake planting on the Land that will protect indigenous fauna on or near the Land. The Investment will also result in ecological management of the Land, including on-site revegetation monitoring, ecological protection and pest and weed control. |
| More information | Tessa Baker Chapman Tripp PO Box 2206 AUCKLAND 1140 |
See the attached assessment report linked below, which was published in response to an Official Information Act request: