| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 16 March 2020 |
| Pathway(s) | Sensitive land – substantial and identifiable benefit to New Zealand |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 34.63 hectares of land at 34 Farndon Road, Clive. |
| Consideration | $3,825,000 |
| Applicant | T&G Global Limited German Public (73.99%) Chinese Public (19.99%) New Zealand Public (5.93%) Various overseas persons (0.09%) |
| Vendor | Brownrigg Agriculture Group Limited and B L Land Company Limited Brownrigg Agriculture Group (sublessor from B L Land Company Limited) New Zealand Public (75.10%) Saudi Arabian Public (22.41%) Australian Public (2.49%) B L Land Company Limited (owner) New Zealand Public (100%) |
| Background | The Applicant seeks to acquire a leasehold interest in land at 34 Farndon Road, Clive which is currently used as an apple orchard, with some of the land being used for short term seasonal crops. The Applicant intends to replant the majority of the land in high value Envy, Jazz and Ju Gala varieties of apples. We are satisfied the redevelopment of the land is likely to result in substantial and identifiable benefit to New Zealand, through increased jobs, export receipts, capital expenditure, royalties paid, and increased productivity and efficiency on the land. The Applicant has also demonstrated that it has provided benefit to New Zealand through previous investments. |
| More information | Joe Windmeyer Russell McVeagh PO Box 8 AUCKLAND 1140 |