| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 16 February 2021 |
| Pathway(s) | Sensitive land - substantial and identifiable benefit to New Zealand |
| Investment | A freehold interest in approximately 9.4000 hectares of land at 1999 Maraekakaho Road, Raukawa |
| Consideration | $2,500,000 |
| Applicant | Greencollar New Zealand Limited Japan (68.63%) United States of America (10.91%) United Kingdom (10.28%) Various (4.03%) Luxembourg (1.95%) Belgium (1.20%) Hong Kong (SAR) (1.04%) China, People's Republic of (1.02%) Netherlands (0.94%) |
| Vendors | Hamish Richard McKay, Mary Veronica McKay and Mary Patricia Herd as trustees of the McKay Family Trust New Zealand (100%) |
| Background | The Applicant is a subsidiary of a major Japan real estate developer Mitsui Fudosan Co., Ltd (Mitsui Fudosan) which is listed on the Tokyo Stock Exchange. It intends to acquire a freehold interest in approximately 9.4 hectares of land in Raukawa near Hastings (the Land). The Land is currently used to grow wine grapes and as lifestyle property. The Applicant intends to convert and use the Land to grow Japanese table grapes of the violet king, shine muscat, and yu ho varieties. The main benefits to New Zealand are the introduction into New Zealand of additional investment, the creation of 8 new permanent and 30 new temporary full-time jobs, a more productive use of the Land, and an increase in export receipts. |
| More information | Sam Nelson Lane Neave (Queenstown) PO Box 701 Queenstown |