Summer services update
| 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 2024 |
| Pathway | Sensitive land – Benefit test |
| Investment | Acquisition of a freehold interest in approximately 587.385 hectares of land comprised at 643 and 967 Glengarry Road Puketapu, Hawke's Bay |
| Consideration | $7,400,000 |
| Applicant | Glengarry Forest Limited Partnership Hong Kong (SAR) 100% |
| Vendor | Oxenham Family Trust New Zealand 100% |
| Background | The Applicant is a newly established company that is ultimately owned by a Hong Kong family trust. The Land is currently used for two beef farms and is a mixture of 6 (89%) and 7 (11%). The Applicant intends to convert the Land to be used nearly exclusively for forestry activities by planting approximately 290ha of radiata pine and 30ha of Redwood trees. The main benefits to New Zealand include increased revenue and export receipts from the Land and reduced carbon emissions. The investment is also likely to result in various ecological benefits, advance significant government policies and increase public access. Consent was granted as the Applicant met the investor test and because the Investment is likely to result in benefit to New Zealand. |
| More information | Catherine Reid, Barrister catherine@catherinereid.co.nz |
This assessment report was published as part of an Official Information Act request.
Overseas investment - conversion from farm land to production forestry
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