| 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 | 13 August 2023 |
| Pathway(s) | Sensitive Land – Benefit test |
| Investment | Acquisition of a freehold interest in approximately 237 ha at 598 Pikowai Road, Bay of Plenty |
| Consideration | $5,100,000 |
| Applicant | Enterprise Investments WRI Limited United Kingdom (100%) |
| Vendor | Trustees of the Willow Creek Trust New Zealand (100%) |
| Background | The Applicant is ultimately owned by a United Kingdom citizen and this will be its second forestry acquisition in New Zealand. The Land is currently used predominantly to graze cattle and includes just under 25ha of existing forestry. The Land is predominantly LUC classes 6 (198ha) and 7 (30ha) with a small area (11ha) of LUC 3. There are no dwellings on the Land. The Applicant intends to convert the Land to be used nearly exclusively for forestry activities by planting approximately 180ha of radiata pine trees. The Investment is likely to benefit to New Zealand through increased job opportunities, increased revenue from the land, increased domestic processing of primary products from the Land, various ecological benefits, enhancing an historic heritage feature on the Land, advancing significant government policy and potential increased public access. Consent was granted as Ministers were satisfied that the Applicant has met the investor test criterion and that the Investment is likely to result in benefit to New Zealand. |
| More information | Amanda Spratt MinterEllisonRuddWatts Auckland |
See the attached Assessment report linked below, which was published in response to an Official Information Act request:
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