| Decision | Consent approved Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 23 June 2022 |
| Pathway(s) | Special forestry (One-off purchase) |
| Investment | Acquisition of approximately 947 hectares of sensitive land located at 270 & 855 Okahukura Saddle Road, Matiere, Taumaranui (the Land). |
| Asset Value | Withheld under section 9(2)(b)(ii) of the Official Information Act 1982. |
| Applicant | Drylandcarbon One Limited Partnership At the time of application in April 2022: New Zealand 64.9% Australia 11% North America 8.9% United Kingdom 7.1% Various Regions 8.1% |
| Vendor | Samuel Werder, Laura Jean Werder and Werder Family Trustee Company Limited as to a half share Laura Jean Werder, Samuel Werder and Downs Family Trustee Company Limited as to a half share 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 an investment entity established for the purposes of developing a large and geographically diverse forestry portfolio. The Land is currently being used as a hill breeding farm for both sheep and cattle. The Applicant intends to convert the Land to forestry, establishing and maintaining plantation forest (predominantly Pinus Radiata) over parts of the Land assessed as being best suited to forestry. The Applicant has estimates new planting of approximately 577 hectares of the Land which is best suited to planting after allowing for infrastructure (3 ha), native plantings (163 ha), unplantable (11 ha), and various setbacks (80 ha). The Applicant proposes to subdivide and sell a total area of approximately 113 hectares including farm land and two dwellings. By way of background, the Land Use Class (LUC) details for the Land are LUC Class 3 (approx. 7 ha), LUC Class 4 (approx. 61 ha), LUC Class 6 (approx. 505 ha), LUC Class 7 (approx. 375 ha) and LUC Class 8 (approx. 1 ha). |
| More information | Susie Kilty Buddle Findlay (Wellington) PO Box 2694 Wellington 6140 |