| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 27 August 2021 |
| Pathway(s) | Forestry (Special forestry test - One-off purchase) |
| Investment | An overseas investment in sensitive land, being the acquisition of a freehold interest in approximately 5,499 hectares of land at 1577 Owaka Valley Road, Owaka Valley, Clutha, Otago, known as Wisp Hill Station (the Land). |
| Asset Value | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited Netherlands (100%) |
| Vendors | Wisp Hill Limited New Zealand (100%) |
| Background | The Applicants applied for consent under the special test relating to forestry activities set out in section 16A(4) of the Act. The Applicants have been recently incorporated to acquire the Land, and hold a forestry right over the Land, respectively. The Applicants are owned by Ingka Investments B.V., the investment arm of Ingka Group, which is the largest franchisee of IKEA stores internationally. The Land is currently in use as a sheep and beef farming operation, as well as 53 hectares of existing forest. The Applicants plan to establish and maintain approximately 2,982 hectares of plantation forest (radiata pine) over 5 years. The Applicants have identified approximately 110 hectares of farm land (including three dwellings) that they intend to subdivide and sell. The remainder of the Land will be unplanted land including native bush (1,021 hectares), potential regeneration land (892 hectares), buffer land, setbacks, riparian areas etc. (323 hectares), high altitude land (130 hectares), and roads and tracks (28 hectares). The Land is a combination of LUC Class 3 (417.6 hectares), LUC Class 4 (1,054.3 hectares), LUC Class 5 (2,510.9 hectares), LUC Class 6 (1,538.5 hectares), and LUC Class 7 (16.5 hectares). |
| More information | Martin Thomson DLA Piper (Auckland) PO Box 160 Auckland |
See the attached Assessment report linked below, which was published in response to an Official Information Act request: