| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 17 November 2020 |
| Pathway(s) | Forestry (Special forestry - One-off purchase) National interest assessment |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 231 hectares of land and a forestry right over approximately 228 hectares of land at Rocky Hill Road, Te Wharau, Southern Wairarapa. |
| Consideration | $1,499,500 |
| Applicant | Norsewood Estate Limited ANZFF3 Limited which is wholly owned by ANZFOF3 NZ Pty Limited which is ultimately owned by The Trust Company (Australia) Limited as trustee for the New Forests Australia New Zealand Forest Operating Fund 3 which is wholly owned by certain overseas investment funds. The New Forests Australia New Zealand Forest Operating Fund 3 is managed by New Forests Asset Management Pty Limited. |
| Vendor | Ben William Priestley, Natalie Jane Atkinson and Opunake Honey Trustee Limited Craigmore Forestry 1 Limited |
| 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 land being acquired is already used for commercial forestry purposes known as the ‘Summerhill Forest Estate’. The Applicant is acquiring a freehold interest and a forestry right which exists over the land (and a small portion over the neighbouring ‘Rocky Hills Forest’). 157.4 hectares of the freehold land is already planted in exotic tree crops. The Applicant intends to plant an additional 14 hectares of bare land in pinus radiata tree crops. The remaining area of the freehold land is made up of 55 hectares of native bush and scrub and 3.6 hectares of unplantable land relating to infrastructure (roads and tracks). 16 hectares of the forestry right over the neighbouring ‘Rocky Hills Forest’ is planted in exotic tree crops, with the remaining 11.6 hectares being native bush and scrub. The Applicant intends to continue to operate the land as a commercial forest, and replant the crop of trees following harvest. The Minister of Finance has determined that the Investment is not contrary to New Zealand’s national interest. |
| More information | Daniel Williams Anderson Lloyd (Auckland) PO Box 399 Shortland Street Auckland 1140 |
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