| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 13 October 2023 |
| Pathway(s) | Sensitive land – Farm land benefit test |
| Investment | Acquisition of a freehold interest in approximately 10.43 hectares of land at 2061 Maraekakaho Road, Raukawa, Hastings, Hawke’s Bay |
| Consideration | $2,710,000 |
| Applicant | Greencollar New Zealand Limited Japan 51% United States of America 17% United Kingdom 16% Various 16% |
| Vendor | Malcolm Ian Taylor, Ruth Dallas Taylor and Warwick David Hayes as trustees of the Wai-iti Vineyard Trust New Zealand 100% |
| Background | The Applicant is a New Zealand limited liability company ultimately controlled by major Japan real estate developer Mitsui Fudosan Co., Ltd. and the three directors of Greencollar Co. Ltd (Japan). The Land is currently used as a vineyard. The Applicant intends to convert the Land to a Japanese table grape growing farm. The main benefits to New Zealand are likely to include increased productivity and efficiency, increased export earnings, further capital expenditure, job creation and the introduction of new skills. Consent was granted as the Applicant has met the investor test criterion and the benefit likely to occur as a result of the Investment is likely to benefit New Zealand. |
| More information | Sarah Duncraft Lane Neave |