Notification | Section 23A Overseas Investment Act 2005 |
|---|---|
Notification number | 1 of 75 |
Decision Date | 11 April 2024 |
Pathway(s) | Special forestry (Standing consent) |
Investment | Acquisition of a freehold interest in approximately 120.1916 hectares at Boundary of Awaroa Road, Broadwood (known as “Broadpine Forest”) |
Consideration | $330,000. |
Consent Holder | Summit Forests New Zealand Limited |
Vendor | Graeme Mark Jespersen, FAI Money Limited, Graeme Leonard Askelund, Gavin Crawley and OHL Limited |
Background | The Consent Holder was granted a standing consent under the special forestry test on 6 October 2023. This permits the Consent Holder to acquire up to 10,000 hectares of land (already used for forestry) in up to 75 transactions by 6 October 2027. This is the first acquisition of land under the standing consent. The vendor used the land as a commercial forest. Approximately 111 hectares of the land is existing commercial forest (pinus radiata) and 9 hectares is unplantable. It is anticipated that harvesting of the forest will commence in approximately 2050. |
More information | Sachi Haga |