Overseas investment decision for case 200610017 - Jagre Holdings LLC

To acquire:

1. an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area; and
2. an interest in land which, either alone or together with any associated land, exceeds 0.2 hectares and adjoins the foreshore; and
3. an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land that exceeds 0.4 hectares that is an esplanade reserve, esplanade strip, recreation reserve, a road or a Maori reservation, that adjoins the sea or a lake.

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

Mr Griffin (the sole shareholder of the Applicant) has previously received consent to acquire 661.45 hectares of land known as Nicks Head Station (refer A200220038/D200210091) and 22.8315 hectares adjoining Nicks Head Station (refer A200310091/D200310040). The Applicant has previously received consent to acquire 552.2238 hectares of land south of Nicks Head Station known as Mapiri Station (refer A200510068/D200520012). The property the subject of this application is situated between Nicks Head Station and Mapiri Station.

The subject property, known as Highgate, is currently utilised predominantly as a bull beef farming unit. In addition, some alpacas and sheep are grazed, and the land contains an avocado and mandarin orchard, and a citrus nursery. The Applicant proposes to implement a farming development programme to increase farm productivity on the property. The farming development programme provides for land to be established as a citrus orchard. The acquisition will also link Nicks Head Station and Mapiri Station allowing economies of scale and facilitating stock movement.

The Applicant has demonstrated a commitment to the enhancement and preservation of native flora, fauna, and wildlife in the region. Nicks Head Station is now recognised as a significant environmental project, and the Applicant has proposed that a similar environmental programme will be implemented on Mapiri Station. The acquisition of Highgate will allow for further development of native plantations and wetlands with similar benefits including reduced erosion, increased habitats for native birds, fish and reptiles.

The proposal is likely to result in the following benefits:

1. the creation of new employment opportunities;
2. the introduction of additional investment for development purposes;
3. increased productivity and efficiencies; and
4. the preservation and enhancement of the conservation features contained within the property.