| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 19 February 2021 |
| Pathway(s) | Forestry (Special forestry test - One-off purchase) |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 566.46 hectares of land at 12 State Highway 3, Mahoenui, Waitomo (the Land). |
| Consideration | $4,650,000 |
| Applicant | Kingheim Limited Austria (50%) Ireland (50%) |
| Vendor | Ian Mark and Ruth Gale Coleman New Zealand (100%) |
| Background | The Applicant was granted consent to acquire the Land under the special test relating to forestry activities that is set out in section 16A(4) of the Act. The Applicant has developed and operated forestry investments in New Zealand since 2012. The vendors used the Land as a breeding and finishing property for sheep and cattle, and the Applicant intends to develop the Land into a commercial forest. The Applicant plans to plant the Land principally in Californian Coast Redwoods, with some small areas of oak, walnut and alder trees. The Applicant plans to plant approximately 390 ha. The remainder of the Land will be unplanted areas associated with forestry activities, including native bush to be retained (154 ha), buffer land (6.5 ha), and roads and tracks (3 ha). The Applicant also plans to subdivide and sell a portion of the land containing a dwelling that is not required for forestry activities. Planting is intended to commence on the Land from the 2022/23 and the redwoods will be harvested in approximately 30 to 50 years. By way of background, the Land is that is the subject of this application is primarily Land Use Capability (LUC) classes 6, 7 and 8 (totalling approx. 443 ha), which is generally considered more suitable for forestry. In addition, part of the land falls within LUC 4 (86 ha) and LUC 2 (32 ha), which is generally considered suitable for a broader range of land uses. |
| More information | Tara Wylie Simpson Grierson Private Bag 92518 AUCKLAND 1141 |