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Foreign investment in Aotearoa/New Zealand
Overseas Investment Office - April 2024 Decision
Buying Up Holiday Parks
This company has been quietly but steadily buying up holiday parks around the country in recent years. The OIO has approved Tasman Tourism New Zealand Limited, United Arab Emirates 90%, Australia 10%, buying Coromandel Holiday Park Limited, New Zealand 100%, comprising a freehold interest in approximately 1.4866 hectares of land at 636-692 and 732 Rings Road, Coromandel. The price was withheld; the vendors were Caron Sheree Steffert and Joeli Scott Ratuki as trustees of the Caron Steffert Family Trust, and Sean Joseph Steffert and Joeli Scott Ratuki as trustees of the Sean Steffert Family Trust.
To quote the OIO: "The Applicant is a subsidiary of Tasman Capital Investments (Australia) Pty Ltd. It invests in New Zealand holiday parks. The land is currently used as a holiday park. The Applicant plans to develop the park, through upgrades to accommodation, shared facilities, amenities and other holiday park infrastructure".
"The main benefits to New Zealand are likely to be increased capital expenditure and jobs, greater productivity of the land, and advancement of the Government's tourism strategy. Consent was granted as the Applicant has met the investor test criterion and the investment is likely to benefit New Zealand. The Minister of Finance has decided that the investment is not contrary to New Zealand's national interest".
A Steady Trend
This is just the latest holiday park acquisition by Tasman Tourism New Zealand Limited. It first showed up in the OIO Decisions in August 2020, when it was given approval to buy both the Waihi Holiday Park Limited and the Papamoa Beach Holiday Resort Limited (both New Zealand 100%). Both prices were suppressed. The acquisitions involved a leasehold interest in 2.3415 hectares of land at 15 Beach Road, Waihi Beach and a leasehold interest in 5.6693 hectares of land at 535 Papamoa Road, Papamoa 3118. So, these first two acquisitions were leasehold, not freehold, unlike the more recent ones.
The OIO gave some more information about the company, listing its ownership as Al Sariya Third Commercial Investments RSC Limited, United Arab Emirates (90%), and Tasman Capital Management Pty Ltd, Australia (10%). The OIO also noted: "A third park in the portfolio, located at Beachaven in Waihi Beach, did not require OIO consent".
2020 was covid/lockdown year but the OIO stated: "Despite the covid-19 pandemic, the Applicant remains committed to its development plans for the New Zealand holiday parks and plans to introduce additional investment for development purposes though capital expenditure of $ Withheld (split between the three parks in its New Zealand portfolio) on facilities, maintenance and accommodation".
In February 2021 the OIO approved it making an acquisition of a freehold interest in 1.5575 hectares of land located at 128 Te Anau Terrace, Te Anau, from Gateway Te Anau Limited, New Zealand 100%. The price was withheld. The OIO gave a bit more information about the company and its plans. "The Applicant is a joint venture between an Australian private equity firm (with experience in the holiday park industry) and an investment company based in Abu Dhabi".
"The Applicant intends to develop the holiday park on the Land over a five-year period, which is likely to include rebuilding, refurbishing, and upgrading the existing accommodation, as well as developing services, amenities, and park infrastructure. The investment is part of a broader strategy to acquire, develop, and operate a portfolio of holiday parks offering tourism services to domestic and international visitors in New Zealand".
In August 2022 the OIO approved acquisition of the business operations and assets of Ohiwa Beach Holiday Park and leasehold interests (and a conditional option to renew those interests) in the land at 380 Ohiwa Harbour Drive, RD2, Ōpōtiki totalling 4.4305 hectares. The price was suppressed; the vendors were T&N Morgan Family Trust (leasehold interest) and Ohiwa Holidays (2006) Limited (business assets) New Zealand (100%).
And in December 2023 the OIO approved acquisition of a freehold interest in approximately 11.5005 hectares of land at 595 Front Miranda Road, Miranda, Waikato from Miranda Holiday Park Limited, New Zealand 100%. So, slowly but surely, these most iconic of Kiwi recreational assets - holiday parks - are being bought up by one company and passing into foreign ownership.
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Campaign Against Foreign Control of Aotearoa,
P.O. Box 2258
Christchurch.