Overseas investment decision for case 201900073 - Eastland Estate Limited

An overseas investment in significant business assets and sensitive land assessed under the special forestry test.  The investment is the purchase of TreeOne (NZ) Limited which owns Hikurangi Forest Farms Limited (HFF).  

HFF owns freehold, leasehold, and forestry rights in approximately 35,071 hectares of land near Gisborne, made up of the following forests.

Freehold:

• 156-222 Dunstan Road
• Findlay
• Wakaroa
• Hineroa
• Huanui
• Kopua
• Mangarara
• Okiwa
• Te Marunga
• Waimanu, and
• Wairangi.

Forestry rights/Leasehold:

• Mahurangi
• Pohaturoa
• Ranganui
• Read
• Rimuroa 1C
• Te Puna, and
• Whareongaonga.

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 is an investment vehicle managed by New Forest Asset Management Pty Limited.  

The Applicant intends to continue to use the land for maintaining and harvesting crops of trees as part of existing commercial forestry operations.  

In particular, the Applicant has:

• demonstrated the land is likely to be used for forestry activities
• committed to replanting all harvested crops of trees on the land;
• committed to maintaining access for the Department of Conservation for protecting indigenous vegetation and fauna and; for beneficial Māori owners to fish, hunt, and trap; 
• committed to maintaining a Indigenous Biodiversity Management Plan with the forest manager to protect indigenous vegetation and fauna;
• committed to maintaining several existing log supply obligations in place with local companies; and
• confirmed the land contains no residential land and huts on the land used for overnight hunting accommodation will continue not to be used for residential purposes.