| Decision | Consent granted (retrospective) Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 8 July 2021 |
| Pathway(s) | Benefit to New Zealand (Benefit to New Zealand - S&I) |
| Investment | Leasehold interest in approximately 19.5 ha of land at 121 Aerodrome Road, Blenheim |
| Consideration | Over $1,350,720 (subject to Consumer Price Index reviews and rent reviews) |
| Applicant | Lion NZ Limited Japan 22.82% United States of America 9.34% Various 67.84% |
| Lessor | Marlborough Aero Club Incorporated New Zealand 100% |
| Background | The Applicant is a New Zealand-incorporated company, operating in the food and beverage industry, including wine production. In 2017, the Applicant acquired a 20-year leasehold interest in land that it currently uses for viticulture. The Applicant intends to continue using the land to grow pinot noir grapes which are processed into wine. This investment will result in greater productivity of the land. There will be increased processing of primary products for producing wine. The export of these wines would see increased export receipts for New Zealand. This investment also provides a stable, passive income for the Lessor and presents job opportunities. |
| More information | David Butler Russell McVeagh (Auckland) PO Box 8 AUCKLAND 1140 |
Retrospective penalty | $10,000 |