| Decision | Consent Granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 21 April 2022 |
| Pathway(s) | Special forestry (One-off purchase) |
| Investment | Acquisition of a freehold interest in approximately 442.1728 ha at 853 Ngakoroa Road, Ormond, Gisborne, known as "Te Papa Station" |
| Consideration | $6,825,000 |
| Applicant | Forestry Investments Ltd. Canada (100%) |
| Vendor | Charles Upham Morris Reynolds & Bain & Sheppard Trustees No.1 Limited trustees of Reynolds Investment Trust New Zealand (100%) |
| Background |
The Applicant has been granted consent to acquire the Land under the special test relating to forestry activities set out in section 16A(4) of the Act. The Applicant is a limited liability company that has developed and operated a forestry investment in New Zealand since 2012. The Land is currently used primarily as a sheep and beef farm and adjoins the Applicant’s existing forestry block. The Applicant intends to convert the Land to a plantation forest (consisting of Pinus radiata), over approximately 365 hectares of the Land best suited to planting. The remaining land will be allocated to infrastructure (5 ha.), native bush (approx. 50 ha.), and various setbacks (approx. 20 ha). Planting is intended to commence on the Land in 2022 and the trees will be harvested in approximately 25-30 years. An area of the wider property (approx. 20 hectares) containing a dwelling will be subdivided and retained by the Vendor. By way of background, the Land Use Class (LUC) details for this property are approximately: LUC Class 3 (29ha), LUC Class 4 (46ha), LUC Class 6 (141ha) and LUC Class 7 (246ha). |
| More information | Catherine Reid Barrister catherine@catherinereid.co.nz |