| Decision |
Consent granted |
|---|---|
| Decision maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision date | 14 March 2023 |
| Pathway(s) | Sensitive land (Special forestry - One-off purchase) |
| Investment | An overseas investment in sensitive land, being the Applicant’s acquisition of a freehold interest in approximately 606.8325 hectares of land located at Porangahau Road, Wallingford, Central Hawke’s Bay, Hawke’s Bay. (the Land) |
| Consideration | $9,925,000 |
| Applicant |
Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited |
| Vendor | James Gareth Dunkerley and Somerville Dunkerley Trustee Company Limited as trustees of the Gareth Dunkerley Family Trust New Zealand (100%) |
| Background |
The Applicants were granted consent under the special test relating to forestry activities set out in section 16A(4) of the Act. The Applicants are two New Zealand incorporated companies who will acquire the Land, and hold a forestry right over the Land, respectively. The Applicants are owned by Ingka Investments B.V., the investment arm of Ingka Group, which is the largest franchisee of IKEA stores internationally. The Land is currently in use as a sheep, beef and deer farm. The Applicants plan to establish and maintain a total of approximately 416.9 hectares of rotation forest over the 2024/2025 planting seasons. The trees will be harvested after approximately 27 to 30 years, and replanting will occur following harvest. The Applicants intend to subdivide and sell 131 hectares of land, being part of the Land containing a residential dwelling (2 ha) and part of the Land better suited to farming (129 ha). The remainder of the Land will be unplanted, including native bush (17) hectares), buffer land, setbacks, riparian areas, roads and tracks. The Land is a combination of:
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| More information |
Pavanie Edirisuriya |