The Overseas Investment Office (OIO) this week made public its decision to grant consent to Iraj and Nasser Barabi to acquire further rights or interests in up to 100% of the issued share capital in Lakes Marina Projects (LMP) Ltd, from Queenstown’s Alan Kirker.
The consideration was not applicable, the OIO decision said.The three men are co-directors of LMP, which was granted consent in April last year to acquire a leasehold interest in 7.69ha of land in and beside Lake Wakatipu, near Frankton, to develop a marina.
In February 2015, the Queenstown Lakes District and Otago Regional councils granted the company consent to construct the $10 million marina, which was appealed to the Environment Court the following month, but in June 2015 the court gave the project the green light.
The OIO decision, dated March 9, said the application represented an internal restructure, which would result in the Barabi brothers increasing their shareholdings in LMP "to allow completion of the development to occur".
"Stage one of the marina development will include the development of 77 marina berths, 17 floating sheds, four buildings on land, a wave attenuator (breakwater), a fuelling station, and a car park that will accommodate up to 136 vehicles.
"The cost of the marina development has increased and the applicants intend to fund the additional development costs," the decision said.
The "benefit to New Zealand" criteria in the Overseas Investment Act 2005 had been satisfied by factors including jobs, added market competition/productivity and walking access.
