| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 29 April 2021 |
| Pathway(s) | Forestry (Special forestry - One-off purchase) |
| Investment | 327 Haliburton Road, Kotemaori, Hawke's Bay Acquisition of a freehold interest in approximately 555.1692 hectares of land known as “Tiromoana”, located at 327 Haliburton Road, Kotemaori, Hawkes Bay (the Land). |
| Consideration | $6,400,000 |
| Applicant | Cerberus Vermögensverwaltung GmbH Austria (100%) |
| Vendor | Harold John O’Grady, Rachael Jane O’Grady and Stephen Hugh Orr Reaney as trustees of Tiromoana Trust 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’s ultimate owner has developed and operated forestry investments in New Zealand since 2019. The Land is currently being used as a sheep and beef farm, and the Applicant intends to develop the Land into a commercial forest. The Applicant plans to plant the Land principally in Pinus Radiata. The Applicant plans to plant approximately 410 ha. The remainder of the Land will be unplanted areas associated with forestry activities, including native bush to be retained (71 ha), buffer land (18 ha), and roads and tracks (4 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 in 2021/22 and the trees will be harvested in approximately 30 years. By way of background, the Land that is the subject of this application is primarily Land Use Capability (LUC) classes 6 and 7 (totalling approx. 548 ha), which is generally considered suitable for forestry. |
| More information | Catherine Reid |