Overseas investment decision for case 201320102, 201320103 - Craigmore Farming NZ Limited Partnership

An overseas investment in sensitive land, being the Applicant's (or its 80% - 100% subsidiary’s) acquisition of a freehold interest in:

• approximately 593 hectares of land located at McNally Rd, Windsor, North Otago (Corriedale Farm); and
• approximately 19 hectares of land located at Weston-Ngapara Road, Windsor, North Otago (McWhirter Land).

(together The Land)

$18,500,000 (Corriedale Farm)

$875,000 (McWhirter Land)

Corriedale Dairy Farm Limited (Corriedale Farm)
New Zealand (100%)

McWhirter Family Trust (McWhirter Land)
New Zealand (100%)

The Applicant intends to carry out extensive development to realise the full potential of the Land and associated dairy farming operations.

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)(iv) – Greater productivity and efficiency
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products
17(2)(b) – Indigenous vegetation/fauna
17(2)(e) – Walking access

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(e) – Previous investments
28(f) – Advance significant Government policy or strategy
28(g) – Enhance the viability of other investments
28(i) – Economic interests
28(j) – Oversight and participation by New Zealanders