A 39ha piece of land near Walter Peak, in Queenstown, sold for almost $4 million, new information from the Overseas Investment Office (OIO) shows.
Walter Peak Station's beneficial owners Morris Kahn, Benjamin Kahn, David Kahn and Shmuel Meitar sold the land, formerly part of the station, to a property developer in 2006.
The Overseas Investment Office (OIO) approved Walter Peak Station’s owners to buy the land in 2012, but the purchase price was withheld under the Official Information Act until yesterday.
The OIO decision listed the vendor as Walter Peak Developments Ltd, whose directors are Justin Russell and Roderick Nielsen.
That company was placed in receivership in December 2008 and in liquidation in April 2009.
The OIO decision said while resource consent to construct cottages and a lodge on the land was obtained, the development did not proceed.
The consideration for the sale back to the previous owners was $3,850,000.
''The applicants are reacquiring the land in order to complete an extensive indigenous planting programme, as well as other infrastructure improvements, required under the resource consent.
''They also intend to integrate the land back into its Walter Peak Station farming operation (the land currently has no productive use).''
The decision found the application satisfied the ''substantial and identifiable benefit to New Zealand'' criteria in the Overseas Investment Act 2005 on six grounds, including the creation of jobs, increased export receipts, greater efficiency/productivity and additional investment for development purposes.
