| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision date | 12 February 2023 |
| Pathway(s) | Special forestry (One-off purchase) This transaction was entered into before 16 August 2022 and so the old special forestry test applies. |
| Investment | Acquisition of a freehold interest in approximately 1,474 hectares (subject to subdivision and survey) of rural land located at 209 Te Hau Road, Whatatutu, Gisborne. |
| Asset value | $21,761,675 |
| Applicant | ANZFF3 Limited ANZFF3 Limited is wholly owned by ANZFOF3 NZ Pty Limited which is ultimately owned by The Trust Company (Australia) Limited as trustee for the New Forests Australia New Zealand Forest Operating Fund 3 which is wholly owned by certain overseas investment funds. The New Forests Australia New Zealand Forest Operating Fund 3 is managed by New Forests Asset Management Pty Limited. |
| Vendor | Te Hau Station Limited New Zealand (100%) |
| Background | The Applicant applied for consent under the special test relating to forestry activities set out in section 16A(4) of the Act. The Land is currently being used primarily for a sheep and beef farm. The Applicant intends to convert the Land to forestry, establishing and maintaining plantation forest (predominantly Pinus radiata) over parts of the Land assessed as being best suited to forestry. The Land contains approximately 163 hectares of existing forest with approximately 567.6 hectares of native bush, approximately 6.6 hectares of ridges, gullies, and steep land, and approximately 5.4 hectares of buffer land, set-backs, and riparian planting. The Applicant estimates that it will plant 780 hectares of the Land. This is due to the fact that it wishes to avoid felling/clearing the naturally regenerating native vegetation (principally kānuka and mānuka) as much as possible. The Land falls under LUC 3 (approximately 10 hectares), LUC 6 (approximately 267 hectares), LUC 7 (approximately 1,186 hectares), and LUC 8 (approximately 8 hectares). The Ministers granted consent in this case as they considered the Applicant to have met the criteria for the investor test and the special forestry test. |
| More information | Daniel Williams Anderson Lloyd (Auckland) P O Box 399 Shortland Street Auckland 1140 |
- Last updated