Overseas investment decision for case 200620064 - Pelham Trust

1. an interest in land which, either alone or together with any associated land of that type, exceeds 0.4 hectares and is or includes land held for conservation purposes under the Conservation Act 1987; and
2. an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area; and
3. an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land held for conservation purposes under the Conservation Act 1987 (if that conservation land exceeds 0.4 hectares in area).

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

The Applicant, having selected forestry as a long-term investment to provide a source of income for themselves and family, propose to acquire the land known as Paraheka Station to establish a Californian Redwood plantation. Paraheka Station is currently operated as a sheep and cattle farm. The Applicant’s consultant has advised that Paraheka Station is suitable for the proposed Californian Redwood plantation investment. The Applicant proposes that approximately 800 hectares will be established as a redwood forest while 200 hectares will be further developed as a farming and grazing block.

The proposal is likely to result in the following benefits:

1. the creation of new job opportunities in New Zealand;
2. increased productivity in New Zealand; and
3. the introduction into New Zealand of development investment for development purposes.