The Overseas Investment Office has approved the sale of a 23ha section at Malaghans Rd, Queenstown, for almost $2 million.
The decision, made on October 22, relating to an overseas investment in "sensitive land", previously owned by Roger and Christine Sharp, was released yesterday.
The decision said the Sharps were New Zealand citizens who intended to transfer the land to North Ridge Accommodation Ltd, a company owned by Knight Coldicutt Trustees Ltd, trustee of the North Ridge Trust.
The North Ridge Trust was a discretionary trust whose beneficiary was Mr Sharp's overseas superannuation fund.
The overseas investment transaction criteria in the relevant section of the Overseas Investment Act 2005 had been satisfied, the decision said.
