| Notification | Section 23A Overseas Investment Act 2005 |
|---|---|
| Notification number | 3 (of 20) |
| Decision Date | 29 September 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 388.74601 hectares of land at 1750 Kanakanaia Road, Te Karaka, Gisborne |
| Asset Value | $6,000,000 |
| Applicant |
Kauri Forestry LP |
| Vendor | Daniel Noel Hood, Carolyn Sue Hood & Thomas Clifford Hood 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 third acquisition of land under the standing consent. The land was primarily used by the Vendor for sheep and beef farm, along with some pockets of existing forestry. The Applicant intends to plant approximately 322 hectares of the land as a commercial forest. Approximately 14 hectares of the land containing one dwelling will be subdivided from the land and sold to a third party. The remaining 52 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 Use Capability classifications is classed as predominately LUC Class 7 - 357 hectares. With Class 6 - 20 hectares, Class 8 - 11 hectares and Classes 1-5 - 1 hectare. 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 |