Aussie billionaire pays undisclosed sum for Queenstown land

The property was approved for sale with the OIO satisfied Roberts would reside in New Zealand. Photo / Supplied

Multiplex heir Timothy Roberts has purchased a Queenstown waterfront property for an undisclosed sum with approval from the Overseas Investment Office.

A decision from the OIO shows Roberts, who is one of Australia's wealthiest people, bought 40ha on the waterfront of Lake Wakatipu in Queenstown.

The amount under consideration was not disclosed, with the OIO citing section 9 of the Official Information Act.

Consent granted from the OIO states that Roberts plans to obtain New Zealand residency and reside in New Zealand indefinitely.

Under overseas investment rules, persons intending to reside in the country are not required to show that their investment in sensitive land is likely to benefit New Zealand.

Every foreign investment in sensitive New Zealand land requires approval from the OIO, however the reason for hiding the cost is unclear. Section 9 of the Official Information Act refers to protecting information "which would be likely unreasonably to prejudice the commercial position of the person who supplied or who is the subject of the information".

Roberts also owns another property in Queenstown worth $4.2 million for which he gained approval in February. He is the heir to the Australian construction company Multiplex which the family sold for nearly $2 billion.