| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 10 October 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 1,624.0560 hectares of land between Maraetai & Whitford, Greater Auckland. |
| Consideration | $1,826,433 |
| Applicant | Whitford Forest Holdings Company Friedberg Family, Canada (100.0%) |
| Vendor | Riverside Forestry Limited New Zealand (100%) |
| Background | The Applicant is the registered proprietor of a 4/5 interest in land known as "Whitford Forest" located in the Greater Auckland region. The Applicant seeks to acquire the remaining 1/5 interest in the land. The proposed investment will enhance the Applicant's investment already made in the property. In particular, the Applicant has already contributed significant resources into the future development of the property through its involvement in the Whitford Rural Plan Change (Plan Change 8) of the Manukau District Plan. The primary purpose of the Whitford Rural Plan Change is to provide for countryside living development. 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 Overseas Investment Regulations 2005 |
| More information | Deirdre Norris Glaister Ennor PO Box 63 AUCKLAND |