| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 16 December 2020 |
| Pathway(s) | Forestry (Special forestry - One-off purchase) |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 317 hectares of land at 57 Tangoio Road, Hawkes Bay (the Land). |
| Consideration | $3,258,500 |
| Applicant | Te Au (No 2) Limited Singapore (100%) |
| Vendors | Beverley Coila Doohan, Michael Owen Doohan, Stephen John Doohan, Daniel Peter Doohan, Stephen Hugh Reaney and CDT (Doohan) Limited New Zealand (100%) |
| Background | The Applicant was granted consent under the special test relating to forestry activities set out in section 16A (4) of the Act to acquire the Land. The Land to be acquired is currently used as a sheep and beef farm. The Applicant plans to subdivide and sell off the dwelling that is not required for forestry activities. The Applicant will convert most of the Land to forestry by establishing and maintaining a plantation forest over approximately 245 hectares (predominantly radiata pine, but also some eucalyptus and redwood). The remainder of the Land will be unplanted land associated with forestry areas, including roads and tracks (7 hectares) and native bush to be retained (11 hectares). Planting will commence on the Land from the 2021 winter planting season and the radiata pine will be harvested in 25 to 30 years. Land Use Capability Classification (LUC) is a broad classification system in which land is categorised into eight classes based on a broad assessment of the land’s capability and versatility for different types of agricultural production given its physical limitations. The Land is a combination of LUC Class 6 (approximately 142 hectares), Class 7 (approximately 139 hectares) which is generally considered more suitable for forestry. In addition, there is 37 hectares of land classified as Class 2, which is generally considered suitable for a broader range of land uses. |
| More information | Scott Whitaker Duncan Cotterill (Christchurch) PO Box 5 CHRISTCHURCH 8140 |