| Notification | Section 23A Overseas Investment Act 2005 Schedule 4(3) – Forestry activities – Standing consent transaction |
|---|---|
| Notification number | 1 (of 25) |
| Decision Date | 3 May 2021 |
| Investment | An overseas investment in sensitive land, being the Consent Holder’s acquisition of a freehold interest in approximately 296 hectares of sensitive land at 347 Pakuratahi Valley Road, Bay View, Hawkes Bay |
| Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Consent Holder | Pan Pac Forest Products Limited Japanese Public (74.6%) United States Public (11.68%) United Kingdom Public (6.35%) Various overseas persons (6.1%) Belgium Public (1.27%) |
| Vendors | Geoffrey Allen Fisher, Susan Josephine Holt Fisher and Virginia Sarah Cave (as trustees of the Fisher Family Trust) New Zealand (100%) |
| Background |
The Consent Holder holds a forestry activities standing consent that was granted by Ministers in September 2019 (case no. 201900044). The Consent Holder has notified settlement of a transaction under that standing consent and has acquired approximately 296 hectares of land at 347 Pakuratahi Valley Road, Bay View, Hawkes Bay. We are satisfied that the notified transaction falls within the scope of that standing consent. Prior to the transaction, the Land included two existing stands of pinus radiata (25.7 ha), native bush (67.5 ha) and pasture (202.4 ha). The Consent Holder is developing the Land into a commercial forest. The Land will be planted in predominantly pinus radiata. It is intended that the native bush areas will be retained (67.5 ha) and there will be 176.5 ha of new planting. The remaining land area is unplantable (10.6 ha) or set aside for buffer land, set-back or riparian planting (15.2 ha). By way of background, the vast majority of the Land that is the subject of this transaction is in Land Use Capability (LUC) class 6 (totalling approx. 276 ha), which is generally considered suitable for forestry. The remaining areas are LUC class 1 (19 ha) and LUC class 7 (0.8 ha). |
| More information |
Paul Foley / Lauren Archer |