| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 24 March 2021 |
| Pathway | Forestry (Special forestry - One-off purchase) |
| Investment | An overseas investment in sensitive land, being the Applicant’s acquisition of a freehold interest in approximately 572.2588 hectares of land at 167 Beattie Road, Eskdale, Hastings, Hawke's Bay |
| Asset Value | $7,050,000 |
| Applicant | Dr Hans Otto Rudolf Albrecht and Ursula Albrecht Germany (100.00%) |
| Vendor | Bremner Pastoral Properties 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 land to be acquired is known as Bay View Station and 430.8588 hectares are currently being grazed by sheep and beef stock. There is currently 19 hectares of forestry on the land. Following acquisition, the Applicant will plant a further 388.1 hectares as a commercial forest. Approximately 29.6 hectares of the land containing a residential dwelling and various farm buildings will be subdivided from the land and sold to a third party. The remainder of the land includes 45.4 hectares of native bush and 90.1 hectares of unplantable land, containing gullies and steep land, infrastructure and boundary and riparian setbacks. The Applicant intends to harvest the existing crop of trees and replant following harvest. By way of background, the Land that is the subject of this application is primarily Land Use Capability (LUC) Classifications 7 (approximately 41.6 hectares) and LUC Classification 6 (approximately 530.7 hectares) which are generally suitable for pastoral or forestry uses. |
| More information | Catherine Reid Barrister catherine@catherinereid.co.nz |