Overseas investment decision for case 201710109 - Craigmore Dairy II LP

An overseas investment in sensitive land, being the Applicant's acquisition of:

• a freehold interest in approximately 232.81 hectares of land at 172 Te Pirita Road, Bankside, Selwyn District, Canterbury; and
• a leasehold interest in approximately 297.00 hectares of land at 137 Te Pirita Road, Bankside, Selwyn District, Canterbury.

The Applicant is an agricultural investment vehicle and forms part of the wider Craigmore Farming Group.

The land is currently operated as dairy support. The Applicant intends to acquire the land to convert approximately 313 hectares from dairy support land to dairy farming. The remaining approximately 217 hectares will continue to be used as dairy support.

The investment is likely to result in the following benefits to New Zealand:

• Introducing additional investment to convert the land into effective dairy including building a milking shed;
• Creating an additional full-time equivalent job on the land;
• Commencing the production of milk solids on the land which is likely to result in increased processing in New Zealand of milk and increased export receipts for milk products; and
• Greater efficiency and productivity, including a more productive and profitable land use by converting land to dairy.