Applicant
Craigmore Permanent Crop Limited Partnership
Case number(s)
201810010
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision MakerThe Minister for Land Information and the Associate Minister of Finance
Decision Date11 February 2019
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 479.0295 hectares of land at 701 Wakarara Road, Hawkes Bay.
Consideration$18,320,000
ApplicantCraigmore Permanent Crop Limited Partnership
Hong Kong (SAR) (29.87%)
Germany (29.05%)
United Kingdom (28.49%)
Finland (6.81%)
United States of America (3.52%)
New Zealand (1.72%)
Ireland (0.47%)
Various overseas persons (0.07%)
VendorLINZ Holdings Limited
New Zealand (100%)
BackgroundThe Applicant is a limited partnership established as a horticulture investment vehicle and is part of the wider Craigmore Farming Group.

 

Approximately 286 hectares of the land being acquired is currently used for cropping and stock finishing with the remaining 193 hectares being used for grazing. The Applicant intends to convert 130 hectares of the land currently used for barley and maize into an apple orchard.

The benefits to New Zealand once the apple orchard has reached maturity include:

  • Creation of full-time and seasonal farm jobs which are equivalent to approximately 79 full time equivalent jobs;
  • Approximately $21.1 million in annual export receipts;
  • Additional investment for development purposes relating to the development of the apple orchard and construction of accommodation for seasonal workers;
  • A level of oversight and control of the Investment by New Zealanders; and
  • Increased productivity of the land. 
More informationChristina Lefever/Phoebe Davies
Duncan Cotterill
PO Box 5
CHRISTCHURCH 8140