| Decision | Consent granted Section 12(1)(a) and Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 16 April 2024 |
| Pathway(s) | Sensitive land – Residential land development (one off) and Significant Business Assets |
| Investment | Acquisition of 51% of the shares in Coherent Hotel Limited and of a freehold interest in approximately 1.6987 hectares of land at 139 Fernhill Road in Queenstown |
| Asset value | $100,000,000 |
| Applicant | Toda Asia Pacific Pte. Ltd Japan 100% |
| Vendor | Perfect Match Investments NZ Limited Indonesia 100% |
| Background | The Applicant is a wholly owned subsidiary of Toda Corporation. The Applicant invests in construction and engineering projects in the Asia Pacific Region. Part of the land is currently used as a hotel complex. Coherent Hotel Limited will use the remaining part of the land to extend the existing hotel complex. Coherent Hotel Limited intends to build 19 accommodation facilities and a central building that will incorporate a wellness centre, a meeting/conference area, and a restaurant. Consent was granted as the Applicant has met the investor test criterion and the non-residential use outcome. |
| More information | Greg Allen Simpson Grierson (Auckland) Private Bag 92518 Auckland 1141 |