| Decision | Consent Granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 26 July 2024 |
| Pathway | Sensitive land – Benefit test |
| Investment | Acquisition of a freehold interest in approximately 524 hectares of land located at Glengarry Road, Rissington, Hastings |
| Consideration | Withheld under section 9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | DXT Forestry Solutions (New Zealand) Limited Italy 100% |
| Vendors | John Duncan McLean, Eleanore Margaret McLean and GRL Trustees Limited as trustees of the Lucky Hill Trust New Zealand 100% |
| Background | The Applicant is owned by a United Kingdom registered company looking to build a global portfolio of forests in New Zealand, Australia and the United States of America. It is ultimately owned by members of an Italian family. The land is currently used as a sheep and beef farm but sustained significant damage in Cyclone Gabrielle and has become economically unviable. The Applicant intends to establish a commercial production forest on the land and will plant approximately 394 hectares of pinus radiata and Redwoods. The land is mainly LUC 6 and 7 and forestry is an appropriate use for that land class. Approximately 35 hectares of the land is being subdivided and will be retained by the Vendors. The main benefits to New Zealand were assessed as being increased capital expenditure and export receipts. Consent was granted as the Applicant has met the investor test criterion and the investment is likely to benefit New Zealand. |
| More information | Catherine Reid Catherine Reid Barrister |