| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua LINZ |
| Decision date | 25 May 2024 |
| Pathway(s) | Sensitive land - Farm land benefit test |
| Investment | Acquisition of freehold interests in approximately 239.3983 hectares of land located at 484 Pukahu Road, Paeroa and 780 and 874 Wani Road, Paeroa. |
| Consideration | $10,500,000 |
| Applicant | Agright New Zealand OpCo 1 Limited Australia 49% New Zealand 29% Canada 10% Luxembourg 8% Various 4% |
| Vendor | Hare Bros. Limited (as Vendor of 780 Wani Road, Paeroa) Jennifer Mary Parker as trustee of JM Parker Trust (as Vendor of 874 Wani Road, Paeroa) Hugh James Schenkel (as Vendor of 484 Pukahu Road, Paeroa) |
| Background | The Applicant is part of a poultry grower group operating in New Zealand and Australia The Applicant wishes to acquire three adjacent dairy farms in the Hauraki District in order to convert approximately 35 hectares of land into a broiler chicken farm. The Applicant will on-sell the remaining land on arms-length terms. The main benefits to New Zealand are likely to include: capital spending on development, increased productivity and revenue, greater reliability in the supply of primary products, additional jobs, downstream benefits to the local economy and advancing the Government’s policy on renewable energy (through the installation of solar arrays). Consent was granted as the Applicants have met the investor test criterion and the investment is likely to benefit New Zealand. |
| More information | Anna Crosbie Russell McVeagh PO Box 8 Auckland 1140 |