| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 20 September 2019 |
| Pathway(s) | Sensitive land – special forestry test |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 489.7157 hectares of land at 633 Waimaha Road, Tahunga, Gisborne. |
| Consideration | $4,565,000 |
| Applicant | Wolfgang Leitner Austria 100% |
| Vendor | Christene Anne Waddell and Ngapuke Stn Trustee Co Limited New Zealand 100% |
| Background | The Applicant has applied for consent under the special test relating to forestry activities set out in section 16A(4) of the Act. The Land to be acquired is known as at Ngapuke Station and 453.5 hectares are currently being grazed by sheep and beef stock. The Applicant will subdivide and sell approximately 9 hectares which contains one residential dwelling which is not required for forestry activities. The Applicant will plant approximately 390 hectares as a commercial forest. The remainder of the land includes existing vegetation (native trees) or land unsuitable for planting. The commercial forest is due to be harvested around the year 2045 and replanted following harvest. |
| More information | Catherine Reid Barrister catherine@catherinereid.co.nz |