Summer services update
| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 8 April 2022 |
| Pathway(s) | Special forestry (One-off purchase) |
| Investment | Acquisition of freehold interest in approximately 849.6176 hectares of land located at 229 Rangikohua Road, Tolaga Bay (“Glentui Station”). |
| Asset Value | $9,600,000 |
| Applicant | Totara Forestry Services Limited Germany (81.54%); Finland (12.12%); United Kingdom (3.84%); Various regions (2.5%) |
| Vendor | Neil Stuart Wilcox and Marsha Lee Wilcox New Zealand (100%) |
| Background |
The Applicant 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 subsidiary of Totara Forestry LP, a New Zealand limited partnership established as part of the Craigmore Sustainables Group. The Land is currently used primarily as a sheep and beef breeding operation. The Applicant intends to convert the Land to commercial forestry, establishing and maintaining rotational forest (predominantly Pinus radiata) over parts of the Land assessed as being best suited to forestry. The Applicant has estimated approx. 550 hectares of the Land is best suited to planting after allowing for existing trees including scrub (approx. 200 ha.), infrastructure (approx. 5 ha.) or setbacks (approx. 66 ha). The Applicant proposes to subdivide and sell a total area of approx. 10 ha, containing the dwelling and the woolshed. Planting is intended to commence on the Land in 2022 and the trees will be harvested in approximately 25 to 30 years. The forest will be established and managed by the New Zealand based management team. By way of background, the Land Use Class (LUC) details for the Land are:
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| More information | Christina Lefever Lefever Law PO Box 33064 Barrington Christchurch 8244 |
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