| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision date | 18 March 2024 |
| Pathway(s) | Sensitive land - Farm land benefit test |
| Investment | Acquisition of 32.5430 ha of land at 287 Barracks Road, Hawkesbury, Marlborough (Land) |
| Consideration | $1,850,000 |
| Applicant | Cloudy Bay Vineyards Limited France 66% United Kingdom 34% |
| Vendor | John Andrew Carter New Zealand 100% |
| Background | The Applicant is an established New Zealand winemaker, well-known for its Sauvignon Blanc wine. It is ultimately 66% owned by LVMH Moёt Hennessy Louis Vuitton SA, a multinational luxury brand conglomerate, and 34% owned by Diageo plc, a United-Kingdom based alcohol beverage company. The Land whilst technically farm land, is largely bare land and includes a forestry block and some rocky terrain. The Applicant seeks to acquire the Land to plant Chardonnay vines; the forestry block will remain. The main benefits to New Zealand are likely to include increased export receipts, the creation of jobs and capital investment. Consent was granted as the Applicant met the investor test criterion and the investment would likely result in benefit to New Zealand. |
| More information | Catherine Reid Catherine Reid Barrister catherine@catherinereid.co.nz |