| 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 | 1 May 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. See here for more information: Getting to the root of farm to forestry conversions |
| Investment | An overseas investment in sensitive land, being the Applicant’s acquisition of a freehold interest in approximately 432.8694 ha located at 433 Kowhatu Road, Waihaorunga, Waimate (Land). |
| Consideration | $4,700,000 |
| Applicant | Port Blakely Limited (United States of America 100%) |
| Vendor | S & A Farms (New Zealand 100%) |
| Background | The Applicant is ultimately owned by the Eddy Family of the U.S.A, through the Port Blakely Company. The Land is predominantly run as a sheep and beef farm, and contains 79.6 hectares of existing forestry. The Land adjoins 1785 hectares of the Applicant's existing forest known as Waimate Forest. The Applicants intends to establish and maintain a total of approximately The Applicants intend to subdivide and sell 13.7 hectares of the Land containing a residential dwelling and curtilage. The remainder of the Land will be unplanted, including native bush (21.5) hectares), buffer land, setbacks, riparian areas, roads and tracks. The Land is a combination of LUC Class 3 (7.8 hectares), LUC Class 4 (333.2 hectares) and LUC Class 6 (93.8 hectares). Consent was granted as the Applicant has met the investor test criterion and the special forestry test criteria. |
| More information | Catherine Reid Barrister |
- Last updated