| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 28 February 2024 |
| Pathway(s) | Sensitive land - Special forestry test (one-off) |
| Investment | Acquisition of a freehold interest in approximately 484.70 hectares of land located at McIntosh Road, Kakahu, Timaru, Canterbury. |
| Consideration | $3,100,000 |
| Applicant | Port Blakely Limited United States of America 100% |
| Vendor | Great Southern Deer Farms Limited New Zealand 100% |
| Background | This transaction was entered into before 16 August 2022 and so the old special forestry test applies. For more information see: The Applicant is ultimately owned by the Eddy family of the U.S.A. The Applicant has approximately 30 years’ experience investing in New Zealand production forestry. The land is currently used by the Vendor to farm red deer breeding hinds. The land adjoins 4,513.7 hectares of the Applicant's existing forest, known as Geraldine Forest. The Applicant intends to establish and maintain a total of approximately 345 hectares of rotation forest by the end of 30 September 2026. The trees will be a mix of Pinus Radiata/Pinus Attenuata and Douglas Fir. These will be harvested after approximately 28 to 30 years for Pinus Radiata/Pinus Attenuata and 45-50 years for Douglas Fir. Replanting will occur after harvest. The remainder of the land will be unplanted, including native bush (95 hectares), buffer land, setbacks, riparian areas, roads and tracks. The land is LUC Class 6. Consent was granted as the Applicant has met the investor test criterion and the special forestry test criteria. |
| More information | Catherine Reid Barrister catherine@catherinereid.co.nz |