| Notification | Section 23A Overseas Investment Act 2005 Schedule 4(3) – Forestry activities – Standing consent transaction |
|---|---|
| Notification number | 3 (of 25) |
| Decision Date | 3 May 2021 |
| Investment | An overseas investment in sensitive land, being the Consent Holder’s acquisition of a freehold interest in approximately 599.4841 hectares of land at 4956 SH50, Maraekakaho, Hastings. |
| Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Consent Holder | Pan Pac Forest Products Limited Japanese Public (74.6%) United States Public (11.68%) United Kingdom Public (6.35%) Various overseas persons (6.1%) Belgium Public (1.27%) |
| Vendor | Jeffrey Philip Meltzer (as receiver of the Glenlyon Trust) New Zealand Public (100%) |
| Background |
The Consent Holder was granted a standing consent based on the special test relating to forestry activities on 19 September 2019. This permits the Consent Holder to acquire up to 20,000 hectares of land in up to 25 transactions by 1 October 2022. This is the third acquisition of land under the standing consent. The land was primarily used by the Vendor for pasture. The Applicant intends to plant approximately 475 hectares of the land as a commercial forest. Approximately 55 hectares of the land containing three dwellings will be subdivided from the land and sold to a third party. The remaining 50 hectares of land will be made up of unplantable land and buffer land which will include riparian and boundary setbacks. By way of background, the land is Land Use Capability Classifications 3 (31 hectares), 4 (120 hectares), 6 (350 hectares) and 7 (95 hectares), which are generally suitable for pastoral or forestry uses. We are satisfied that the notified transaction falls within the scope of that standing consent. |
| More information | Paul Foley / Lauren Archer MinterEllisonRuddWatts PO Box 2793 WELLINGTON |