Consent has been granted by the Overseas Investment Office for Emmatty Properties Nau Mai Ltd to buy "sensitive land" at Slopehill Rd, Queenstown for $1.1 million.
The decision, dated December 22, said Emmatty Properties Nau Mai Ltd was formed to acquire and then own and operate the 6.33ha site known as Nau Mai at Lower Shotover Rd, as an exclusive self-catering accommodation business.
The directors are James Crill, of the Channel Islands, United Kingdom, and Alastair and Diana McIlwrick, both of Queenstown.
Emmatty Properties Nau Mai Ltd intended to construct a dwelling and operate the land and dwelling in line with its existing Queenstown business and southwest England accommodation business.
The applicant had provided a business plan and entered into an agreement for sale and purchase with the vendor, Nadine Norcross.
The purchase was seen as a continuation of the applicant's investments and the overseas investment transaction satisfied the criteria in the Overseas Investment Act 2005.
The "substantial and identifiable benefit to New Zealand" criteria were satisfied by particular reference to several factors, including the creation or retention of jobs; increased export receipts; additional investment for development purpose; and indigenous vegetation or fauna.
