OIO decision swayed by school scholarship promise

Maohua Ye from China is buying a 3.9ha residence for $8 million at Paremoremo Road, Auckland to use when his family visits New Zealand.

The Overseas Investment Office has given approval to buy the property from the Messenger Home Trust.

According to land title records the property has a rateable value of just $2 million struck in July 2014.

The last recorded sale in May 2007 was for $1.3 million on a rateable value of $500,000 at that time.

But the OIO report on the deal says the benefit to New Zealand criterion was satisfied by particular reference to the following factors - jobs, indigenous vegetation/fauna, and historic heritage.

“The applicant intends to employ a caretaker to look after the property during his absences and enhance the protection of the indigenous vegetation on the property.

“He also intends to establish a scholarship fund to provide assistance to students in low decile schools in Auckland.

“The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005."

The deal appears to represent a good one for the trustees of the ownership trust – Gary and Michele Messenger, both real estate professionals.

Another residential consent granted by the OIO is the acquisition of 53ha at 443 Matakana Valley Road, Matakana for $2 million by US-owned Long White Cloud Holdings.

US residents James and Deanna Dehlsen plan to become resident in New Zealand

“The investment will provide a residence/studio for work in renewable energy and sustainability-related technologies.

“It is also intended that the property will be used from time to time for gatherings of experts in relevant technological and scientific disciplines,” the OIO report says.

Meanwhile, 70% Germany-owned T&G Global is acquiring 18ha owned by Status Produce, a tomato growing business at 133 Lynn Road, Waipa.

T&G plans to replant the glasshouse in one or more of the specialty variety tomatoes it has rights to.  T&G Global Limited also intends to co-ordinate the tomato growing and picking with those of its other operations to increase exports by sea-freight.

T&G is also buying shares in Great Lake Tomatoes which owns 74ha at 3057 Broadlands Road, Reporoa for $17.3 million. 

c.hutch@clear.net.nz

Use MyNBR Tags to track people and companies - and receive key-word email alerts. Find out how here.