| Decision number | 200720019 |
|---|---|
| Application number | 200620160 |
| Date | 23 August 2007 |
| Offeror/applicant | LeClercq (Marc Oliver Arthur Albert Boris Jacques) & Agro LeClercq (Concetta Maria) of Italy |
| Ultimate applicant beneficial ownership | 100 percent - Italy |
| Beneficial overseas ownership | |
| - Asset current | 100 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Lowther (David Ray and Pamela Christine) and McKinnie (William Allison) 90 percent - United States of America, Lowther (David Ray and Pamela Christine) 10 percent - United States of America, McKinnie (William Allison) |
| Business activities | Forestry Agriculture - Scrub/Native Bush |
| Details of land involved | 5.377 hectares of freehold situated at Taipo Forest, Tinui Valley Road, Masterton being CT WN48B/926 (Wellington Registry). |
| Regions involved | Wairarapa |
| Total consideration | $14,175 |
| Consent sought | To acquire 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. |
| Rationale | The application for consent has been declined. The Overseas Investment Office is satisfied that the Applicants have business experience and acumen relevant to and are demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the Applicants are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987. The subject land is part of a larger 785 hectare property containing 610 hectares of pinus radiata forestry. The vendor has subdivided the property and is selling lots ranging in size from 4 to 20 hectares. The subject land contains approximately 2.5 hectares that was planted in pinus radiata in 1996 and 2.8 hectares of native remnant and regenerating forest. The Applicants view the acquisition as an opportunity to invest in forestry at an affordable entry level and propose to preserve and extend the existing native bush on the land. The Overseas Investment Office considers that it is unlikely that the proposal will result in benefits to New Zealand or any part of it or group of New Zealanders. |
| Contact | Chris Ritchie P O Box 2068 WELLINGTON |