| Decision | Consent granted retrospectively Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 2 April 2019 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 1,727.6902 hectares of land at 1940-1941 Te Ore Ore Bideford Road & 73 Stoddarts Road, Masterton (the Land). |
| Consideration | $13,420,000 |
| Applicant | Veronika Leeb-Goess-Saurau Austria (100%) |
| Vendor | Lone Star Farms Limited New Zealand (100%) |
| Background | The Applicant has applied for consent under the special test relating to forestry activities set out in section 16A(4) of the Act. The Applicant will subdivide and sell Riverbend Homestead, Hadleigh Homestead, Hadleigh Cottage, and other flat land (and remove Mt Clyde Homestead from the Land) within three years of OIO consent. The approximately 1,280 ha of land remaining after subdivision (to be known as ‘Bernadette Forest’) will be planted as a new commercial forest commencing in 2019, and is due to be harvested in the years 2045 to 2047. The Land includes special land, being part of the bed of the Tauweru River. The special land has been offered to the Crown as required under the Regulations. The Applicant intends to hold Bernadette Forest indefinitely. |
| More information | Catherine Reid Barrister catherine@catherinereid.co.nz |
| Retrospective penalty | $10,000.00 |