| Decision | Consent Granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 13 April 2022 |
| Pathway(s) | Special forestry (One-off purchase) |
| Investment | Acquisition of approximately 1576.5093 ha of land located at 1300 White Rock Road, Martinborough, South Wairarapa known as "Birch Hill" |
| Asset Value | $21,000,000 |
| Applicant | Cerberus Vermogensverwaltung GmbH Austria (100%) |
| Vendor | Henry, Jonathan, Timothy, Nicola & Penelope as trustees of HD Baigent Family Trust; Birch Hill Partnership New Zealand (100%) |
| Background |
The Applicant, a repeat investor, has been granted consent to acquire the Land under the special test relating to forestry activities set out in section 16A(4) of the Act. The Applicant is a limited liability company where the ultimate owner has developed and operated forestry investments in New Zealand since 2019. The Land is currently used primarily as a sheep and beef farm. The Applicant intends to convert the Land to a plantation forest (Pinus radiata), over approximately 1138 hectares of the Land best suited to planting. The remaining land will be allocated to infrastructure, native plantings, and various setbacks. The Applicant proposes to subdivide and sell an area of approximately 31 hectares which contains houses which are not required for forestry activities. Planting is intended to commence on the Land in 2022 and the trees will be harvested in approximately 28 years. By way of background, the Land Use Class (LUC) details for this property are: LUC Class 3 (approx. 81 hectares), LUC Class 5 (approx. 201 hectares), LUC Class 6 (approx. 959 hectares) and LUC Class 7 (approx. 340 hectares). |
| More information | Catherine Reid Catherine Reid Barrister Email: catherine@catherinereid.co.nz |