A new luxury lodge will be developed near Queenstown following Overseas Investment Office (OIO) approval.
The decision, dated August 21, said consent had been granted to New Zermatt Properties Ltd and Richard Anthony Magides, of the United Kingdom, the sole director and shareholder of the company, and Ariane Brigitte Roulet Magides, of Switzerland, to acquire a freehold interest in 3.5585ha at the Forestlines Subdivision, near Moke Lake, for $1,119,565.
The vendor was Glaisnock Ltd. The Companies Office shows its directors are Auckland-based Mark Ching and Wellington-based Graeme Wong.
The OIO decision said the applicant was acquiring lots 6 and 8 of the subdivision for the development of ''a luxury lodge''.
The substantial and identifiable benefit to New Zealand criterion was satisfied by jobs, increased export receipts and additional investment for development purposes, as well as previous investments.
''This investment follows earlier investments by the applicant which also involved the development of luxury accommodation,'' the decision said.
In 2012 Paroa Bay Winery Ltd, previously known as Vision Hills Estate Ltd, of which Mr Magides is the sole director, was granted approval to acquire a freehold interest in more than 20ha of land in the Bay of Islands, along with a leasehold interest in 4ha for $6.2 million.
The OIO said he intended to develop the Vision Hills vineyard, winemaking and wine sales operation and operate the property and dwellings as a luxury lodge accommodation and winery retreat.
Last year the same company was granted approval to acquire a freehold interest in more than 2700ha of land at Ben Avon Station, upper Waitaki, for $6.5 million.
That decision said the applicant would continue to operate it as a sheep and beef station and develop an exclusive eight-room luxury wilderness lodge on the land, offering guided hunting, fishing, horse riding and snow sports in the Ahuriri Valley.
