| Decision |
Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Toitū Te Whenua LINZ |
| Decision Date | 15 December 2022 |
| Pathway(s) | Sensitive land (Farm land benefit test) |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 13.8605 hectares of land located at Matawai Road, Te Karaka, Gisborne (Land). |
| Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant |
Waipaoa Horticulture Limited Germany (51.46%) Netherlands (24.58%) Hongkong SAR (6.66%) United Kingdom (5.64%) Ireland (3.96%) New Zealand (1.85%) Finland (1.43%) USA (1.16%) Various (3.27%); |
| Vendor |
James Gordon Holden, Jennifer Anne Holden & Carolyn Jane Nelson as Trustees of the JG & JA Holden Family Trust New Zealand (100%) |
| Background |
The Applicant is a subsidiary of Craigmore Permanent Crop LP, a New Zealand limited partnership established as part of the Craigmore Sustainables Management Group which invests in New Zealand farmland and forestry assets. The Applicant intends to establish an apple orchard on the Land which is adjacent to land the Applicant recently acquired for an apple orchard development. Approximately 9.6 hectares of the Land will be planted in Royal Gala apples. The main benefits to New Zealand are likely to include the creation of 4.6 direct full-time employees (FTEs) and 2.8 indirect FTEs, increased export receipts of $0.78 million per annum, and additional investment of $1.67 million for development purposes. The Investment is also likely to advance government economic policies such as Fit for a Better World; Accelerating our Economic Potential and ensuring productive and sustainable land use. LINZ considers the Applicant has met the investor test criterion and that the benefit likely to occur as a result of the Investment would result in benefit to New Zealand. |
| More information |
Christina Lefever Lefever Law christina@lefeverlaw.co.nz |