Decision | Consent granted |
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Decision Maker | Overseas Investment Office |
Decision Date | 18 July 2018 |
Investment | An overseas investment in sensitive land, being the Applicant's acquisition of leasehold interests in approximately 254.6606 hectares of land at 30 Waipuna Road, Lowcliffe, Ashburton. |
Consideration | $3,666,605 |
Applicant | Dairy Farms NZ Limited |
Vendor | Hugh James Boulton, Joanne Jean Jackson, John Edward Albert Drayton as trustees of the Hugh and Joanne Boulton Family Trust |
Background | Lowcliffe Dairies Limited is a 100% subsidiary of the Applicant. The Applicant is a company created to hold farming investments. The Applicant (via Lowcliffe Dairies Limited) currently leases approximately 183.4 hectares of the land for grazing cows that are milked on the adjoining dairy farm owned by Lowcliffe Dairies Limited. The Applicant (via Lowcliffe Dairies Limited) intends to lease approximately 71.3 hectares of additional land (increasing the total amount of leased land to approximately 254.7 hectares) to further expand its dairy milking operations by grazing additional cows that will be milked on the adjoining dairy farm (with the relevant infrastructure) owned by Lowcliffe Dairies Limited. The final expiry date of the lease is 31 May 2027 (including all renewals). The benefits to New Zealand result primarily from the leased land adjoining an operational dairy farm owned by Lowcliffe Dairies Limited and include:
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More information | Andrew Petersen |