| Notification | Section 23A Overseas Investment Act 2005 Schedule 4(3) - Forestry activities – Standing consent transaction |
|---|---|
| Notification number | 2 (of 20) |
| Decision Date | 1 April 2022 |
| Pathway(s) | Special forestry (Standing consent) |
| Investment | An overseas investment in sensitive land, being the Consent Holder’s acquisition of a freehold interest in approximately 362.0857 hectares of land at 2362 State Highway 14, Wheki Valley. |
| Asset Value | $5,100,000 |
| Applicant | Kauri Forestry LP Switzerland (93.00%) Germany (7.00%) |
| Vendor | Philip Anthony Bayly, Annette Maree Bayly and Jennifer Stenning as trustees of the Philip Bayly Family Trust New Zealand (100%) |
| Background |
The Consent Holder was granted a standing consent under the special forestry test on 22 March 2021. This permits the Consent Holder to acquire up to 6,000 hectares of land in up to 20 transactions by 30 September 2023. This is the second acquisition of land under the standing consent. The land was primarily used by the Vendor for beef cattle grazing. The Applicant intends to plant approximately 276 hectares of the land as a commercial forest. Approximately 7 hectares of the land containing one dwelling will be subdivided from the land and sold to a third party. The remaining 79 hectares of land will be made up of unplantable land, native bush and buffer land which will include riparian and boundary setbacks. By way of background, the land is Land Use Capability Classifications 4 (29.8 hectares), and 6 (332.5 hectares). We are satisfied that the notified transaction falls within the scope of the standing consent. |
| More information | Christina Lefever Lefever Law PO Box 33064 Christchurch 8244 |