The new owners of Threepwood Homestead at Lake Hayes plan to restore and enlarge the historic building.
The Overseas Investment Office has granted consent to Justin Crane and Kirsty Mactaggart, of the United Kingdom, to buy a freehold interest in about 8.95ha of land at Ellen Johnson Tce, Lake Hayes, and a share as tenants in common in 149ha at Marshall Ave, Lake Hayes, for $2.5 million from vendor Bruce Gemmell.
The decision, issued on March 13, said the applicant intended to undertake a major restoration of, and make additions to, the homestead, which dates back to the early 1900s, ''to make it suitable as a long-term residence''.
The couple, understood to be part-time residents in Wakatipu, also intended to fund a wetland restoration project at Lake Hayes, the decision said.
The transaction had satisfied criteria in the Overseas Investment Act 2005.
The ''substantial and identifiable benefit to New Zealand'' criteria was satisfied by jobs and historic heritage.
