Summer services update
| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 26 June 2024 |
| Pathway | Sensitive land – Benefit test |
| Investment | Acquisition of a freehold interest in approximately 175 hectares of land at 9 Clelands Road, Masterton, Wairarapa |
| Consideration | $2,000,000 |
| Applicant | Kauri Forestry LP Switzerland 71% Germany 29% |
| Vendors | Russell Geoffrey Andrew Smith and Mill Farm Trustee Company Limited as trustees of the Mill Farm Trust New Zealand 100% |
| Background | The Applicant is a New Zealand limited partnership, established as part of the Craigmore Sustainables Group. It is a forestry-specific investment vehicle and already holds a significant amount of land in New Zealand for forestry investment purposes. The land is currently primarily used as a sheep and beef farm with 19 hectares already planted in forest. The Applicant will convert approximately 120 hectares of the land into a commercial plantation forest (predominantly pinus radiata) with planting scheduled for winter 2024. The Applicant intends to harvest the crop of trees once matured and replant following harvest. The remaining land is comprised of mostly buffer land, setbacks, and some native bush and exotic plantings. The Land Use Class (LUC) details for the Land are: LUC 6 (approx. 93 hectares), LUC 7 (approx. 68 hectares) and LUC 3 (approx. 16 hectares). The main benefits to New Zealand are likely to include increased export receipts and advancement of significant government policy through emissions reductions. Consent was granted as the Applicant has met the investor test criterion and the investment is likely to benefit New Zealand. |
| More information | Christina Lefever Lefever Law |
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