Applicant
Carbon Conscious Holdings NZ No.2 Limited
Case number(s)
201210018
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date24 July 2012
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 190.0000 hectares of land known as Kings Farm located at 1025 Riverside Road, Gisborne.
Consideration$390,000
ApplicantCarbon Conscious Holdings NZ No.2 Limited
Australian Public (100%)
VendorWilliam Robert King
New Zealand (100%)
Background

The Applicant intends to acquire the land to establish a pinus radiata forest sink plantation that generates carbon credits and will have long term timber harvest potential for both domestic and export use.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(i) – Creation of jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(v) – Additional investment for development purposes
17(2)(f) – Offer to sell riverbed to the Crown

Overseas Investment Regulations 2005
28(e) – Previous investments
28(f) – Advance significant government policy or strategy
28(g) – Enhance the viability of other investments

More informationGeoff Thompson
Duncan Cotterill
PO Box 10-376
WELLINGTON