| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 25 January 2022 |
| Pathway(s) | Special forestry (One-off purchase) |
| Investment | Acquisition of approximately 632.1981 hectares of sensitive forestry land located at 585 Mangakuri Road, Elsthorpe, Hawke's Bay (the Land). |
| Asset Value | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Te Au (No 5) Limited Singapore (100%) |
| Vendor | Dermot Ossian Miller and Susan Jan Lawrence New Zealand (100%) |
| Background | The Applicant has been granted consent to acquire the Land under the special test relating to forestry activities set out in section 16A(4) of the Act. The Applicant is part of a group which is an experienced forestry investor in New Zealand. The Applicant intends to acquire the Land as an investment in commercial forestry. The Land is currently used as a farm land (approximately 433ha), existing plantation (approximately 67.7ha), and some parts are unplanted (approximately 80.9ha). The Applicant will covert 381ha of the Land into forestry. The remaining area is unplantable covering native bush, ridges and gullies, and buffer land. One of the buildings on the Land is a 3-bedroom homestead which the Applicant will sell. By way of background, the Land that is the subject of this application is Land Use Capability (LUC) classifications: LUC 3 (9 ha), LUC 6 (413 ha), and LUC 7 (157 ha). |
| More information | Catherine Reid, Barrister Email: catherine@catherinereid.co.nz |