| Decision |
Consent granted |
|---|---|
| Decision maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision date | 14 March 2023 |
| Pathway(s) | Sensitive land (Special forestry - One-off purchase) |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 597.4084 hectares of land located at 40 Whyte Road, Happy Valley, Southland (the Land). |
| Consideration | $9,305,000 |
| Applicant |
Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited |
| Vendors | Diane Mary Gill and Neil Thomas Robinson as Trustees of The Gill Family Trust New Zealand (100%) |
| Background |
The Applicants have been granted consent under the special test relating to forestry activities set out in section 16A(4) of the Act. The Applicants are two New Zealand incorporated companies who will acquire the Land, and hold a forestry right over the Land, respectively. The Applicants are owned by Ingka Investments B.V., the investment arm of Ingka Group, which is the largest franchisee of IKEA stores internationally. The Land is currently in use as a sheep, beef and deer farm. The Applicants plan to establish and maintain a total of approximately 535.2 hectares of rotation forest over the 2024/2025 planting seasons. The trees will be harvested after approximately 27 to 30 years, and replanting will occur following harvest. The Applicants intend to subdivide and sell 3 hectares of the Land containing two residential dwellings and curtilage. The remainder of the Land will be unplanted, including native bush (29.5) hectares), buffer land, setbacks, riparian areas, roads and tracks. The Land is a combination of:
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| More information |
Pavanie Edirisuriya |