| 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(s) | Sensitive Land - Benefit Test |
| Investment | Acquisition of freehold interest in approximately 321.7979 hectares of land at 1110 Mangaehu Road, Makahu, Stratford, 4392 in Taranaki, (known as ‘Makahu Farm’) |
| Consideration | $2,850,000 |
| Applicant | SUN&L New Zealand Limited South Korea 100% |
| Vendor | Nicholas Kane Irwin and Rebecca Ann Connell New Zealand 100% |
| Background | The Applicant is ultimately owned by a South Korean listed company. The Applicant is acquiring a sheep and beef farm to convert about 270 hectares into Pinus radiata commercial forest, and up to 28 hectares of tōtara. The Land is LUC 4 (15%), LUC 6 (65%), and LUC 7 (20%). The key benefits likely to occur because of the investment include the creation and retention of jobs, a commitment to selling 40% of logs to domestic suppliers, increased revenue from timber sales, capital and development expenditure, and environmental benefit (including protecting native bush, planting of up to 28 hectares of tōtara, and weed and pest control). Consent was granted to this Investment as the Applicant met the investor test criterion and the Investment is likely to result in benefit to New Zealand. |
| More information | Pavanie Edirisuriya DLA Piper New Zealand PO Box 160 Auckland |