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Foreign buyers for iconic island must add value

Labour will look very closely at any Overseas Investment Office application to purchase Pakatoa Island if it is not bought by a Kiwi, says Labour’s Land information Spokesperson Stuart Nash.

“Pakatoa is an iconic island in the middle of Hauraki Gulf and the listing agent has said he is expecting strong interest from overseas. It would be a real shame if the island joined a growing list of iconic properties that were slipping out of Kiwi ownership.

“Any application from an overseas buyer will have to show they can add substantial value to the island in a way that a New Zealander couldn’t.

“If it is just purchased as a trophy for some super rich foreigner who jets in twice a year, while closing off access to those who use the gulf for recreation, then I would really struggle to see what value this added to New Zealand.

“Foreign investment in New Zealand has benefits but it must bring value and add to the economic growth and development of the country,” said Stuart Nash.