| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 17 May 2022 |
| 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 670.0583 hectares of land at 254 Wilder Road, Porangahau, Central Hawke’s Bay (the Land). |
| Consideration | 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%) |
| Vendor | Linda Paulsen and Neil Paulsen as trustees of the Omana Farms Trust 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 are two New Zealand incorporated companies who will 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, currently known as “Omana Farm”, is currently in use as a sheep and beef breeding finishing farm, also with 34 hectares of existing forest. The Applicants plan to establish and maintain approximately 456 hectares of rotation forest (radiata pine) over the 2022 and 2023 planting seasons. The trees will be harvested after approximately 27 to 30 years, and replanting will occur following harvest. The Applicants intend to subdivide and sell the part of the Land containing the residential dwelling. The remainder of the Land will be unplanted, including native bush (37 hectares), buffer land, setbacks, riparian areas etc. (28.6 hectares), and roads and tracks (5.7 hectares). The Land is a combination of LUC Class 2 (11 hectares), LUC Class 3 (2 hectares), LUC Class 6 (519 hectares) and LUC Class 7 (139 hectares). |
| More information | Martin Thomson DLA Piper (Auckland) PO Box 160 Auckland |