Overseas investment decision for case 201810100 - Craigmore Permanent Crop Limited Partnership

The investment by the Investor will result in it acquiring an indirect interest in sensitive land as follows:

• a freehold interest in approximately 17.598 hectares of land at 870 Te Matai Road, Te Puke, Tauranga; and
• a freehold interest in approximately 11.966 hectares of land at 60 Orchard Road, Edgecumbe, Whakatane; and
• a freehold interest in approximately 479.0295 hectares of land at 68 Caldwell Road & 701 Wakarara Road, Hawkes Bay; and
• a freehold interest in approximately 59.1889 hectares of land at 0 Cooper Road, Patutahi, Gisborne; and
• a freehold interest in approximately 137.2632 hectares of land at 370 Wiroa Road, Kerikeri.

The Applicant is a limited partnership established as a horticulture investment vehicle and is part of the wider Craigmore Farming Group.

The Applicant seeks consent for the Investor to acquire up to a 49% beneficial interest in the Applicant. This investment by the Investor will provide the Applicant with the funds to be able to develop a 156 hectare vineyard on a property it currently owns in the Hawkes Bay. The benefits to New Zealand once the vineyard has reached maturity include:

• The creation of the equivalent of approximately 11.8 direct full time equivalent roles;
• An increase in export receipts resulting from the development of the vineyard; and
• An increase in the volume of product generated by development of the vineyard and the subsequent processing required of that product.