Section 12(1)(a) Overseas Investment Act 2005
|Decision Maker||Overseas Investment Office|
|Decision Date||05 May 2022|
|Pathway(s)||Special forestry (One-off purchase)|
|Investment||An overseas investment in sensitive land, being the Applicant’s acquisition of a freehold interest in approximately 412 hectares of land at 8 Munro Road, Evans Flat, Clutha District|
|Asset Value||Withheld under s9(2)(b)(ii) of the Official Information Act 1982|
|Applicant||Corisol New Zealand Limited
|Vendor||Kyleakin Farms Limited
New Zealand (100%)
The Applicant has applied for consent under the special test relating to forestry activities set out in section 16A(4) of the Act.
The land to be acquired is currently used predominantly for sheep and beef farming purposes. The Applicant intends to subdivide and sell approximately 19 hectares of the land (including a dwelling and farm buildings) and convert the majority of the remaining land (approximately 316 hectares) into a commercial plantation forest. The Applicant expects planting to begin during winter 2023. The Applicant will replant after harvesting the first crop of trees.
The remaining land will be made up of approximately 57 hectares of native bush and scrub, a powerline corridor and buffer land which will include riparian and boundary setbacks.
The investment is part of the Applicant’s broader forestry investment strategy with afforestation of a forestry estate with a high component of first rotation forestry.
By way of background, the land that is the subject of this application is Land Use Capability (“LUC”) classifications: LUC 4 (99 hectares) and LUC 6 (308 hectares).
|More information||Ranui Calman
PO Box 139