Cameron gets land purchase tick
Canadian film-maker James Cameron is among a number of high profile overseas purchasers given official approval last month to buy New Zealand land.
Cameron's bid to buy 21ha near the south Wairarapa coast has been approved by the Overseas Investment Office.
Cameron's company T-Base 2 Ltd paid a confidential sum to the property's three New Zealand owners and said the film-maker planned to keep the land as a working farm. He and his family planned to stay there indefinitely.
Cameron's new neighbour, American billionaire Bill Foley, also won permission to expand his Kiwi-based wine operation.
Foley's purchase of 80 per cent of the New Zealand Wine Company was one of the OIO's biggest net investments of the year so far, involving just over $48m in cash and non-cash.
The office also approved plans for a top winery, a wind farm, and Auckland's Hilton Hotel.
Famous French winemaking firm Compagnie Vinicole Baron Edmond de Rothschild will buy 26.4ha in Marlborough for $3.7m to set up an "ultra-premium" wine brand.
Companies owned by Singaporean hotel entrepreneur Michael Kum were also cleared to buy the site of Auckland's Hilton Hotel for a confidential sum.
The application said the Kum family planned to improve the Hilton's performance through increased occupancy and higher use of its banquet facilities.
Approval was also given for a $110m wind farm near Kawhia Harbour. The farm is a 50/50 venture between the Maori owners of the Taharoa Block C and foreign investors, including the Chinese government with 15 per cent.
And the stalled Gulf Harbour development in Whangaporoa has been given a new lease of life with the sale of 31ha to mostly Chinese investors.
The land was sold for $35m by companies owned by bankrupt property developer Jamie Peters to Top Harbour, owned by Chinese investors Zhaobai and Rose Jiang, Shanghai Zendai Property, and minority stakeholder Westlake Investments.
The applicants said they planned to continue Gulf's development of a coastal community with more than 1,000 new homes, businesses, and a marina.
The development is expected to take eight years and cost up to $550m.
A trust associated with New Zealand entrepreneur Craig Heatley got the nod to sell half of a Canterbury sheep and cattle farm to American Calvin Pardee Erdman.
Erdman, who already owned half of the farm, paid $3.4m.
- © Fairfax NZ News
Can inner city residents reasonably expect a bit of peace and quiet?Related story: Quest for quieter city life 'frustrating'