The Overseas Investment Office has approved an investment in sensitive land at Queenstown and Wanaka, which would allow ongoing residential developments, but details on who has bought the land from whom, and for how much, remain a mystery.
The decision, dated September 1, said the "confidential" applicant had acquired rights or interests in 27.19% of the units of another party, also listed as "confidential", which owned or controlled a freehold interest in 202.2ha of land at Maori Jacks Rd, Jacks Point and Outlet and Aubrey Rds, East Wanaka; and a mortgage over 18ha of land at Jacks Point, Queenstown.
The office said the transaction would provide additional capital for the ongoing residential developments at Maori Jacks Rd, Jacks Pt, Queenstown and Outlet and Aubrey Rds, East Wanaka and it had satisfied criteria of the Overseas Investment Act, 2005, being the creation/retention of jobs, added market competition, productivity; and additional investment for development purposes.
