| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 08 June 2022 |
| Pathway(s) | Special forestry (One-off purchase) |
| Investment | Acquisition of freehold interest in approximately 942.9236 hectares of land located at 460 Tora Road, Tora. |
| Asset Value | Withheld under s.9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Totara Forestry Services Limited Germany 81.48% Finland 12.16% UK 3.86% Various regions 2.5% |
| Vendor | Kathryn Mary ELWORTHY and Thomas Edward ELWORTHY (as trustees of the LITTLE TORA 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 subsidiary of Totara Forestry LP, a New Zealand limited partnership established as part of the Craigmore Sustainables Group. The Land is currently used for farming specifically in sheep and beef breeding. The Applicant intends to convert the Land to commercial forestry, establishing and maintaining rotational forest (predominantly Pinus radiata) over parts of the Land assessed as being best suited to forestry. The Applicant has estimated that altogether approximately 502 hectares of the Land is best suited for planting after allowing for existing trees including native bush and scrub (approx. 394 ha.) and setbacks (approx. 46 ha). Planting is intended to commence on the Land in 2023 and the trees will be harvested in approximately 25 to 30 years. The forest will be established and managed by a New Zealand based management team. By way of background, the Land Use Class (LUC) details for the Land are: LUC Class 3 (approx. 19 ha.), LUC Class 6 (approx. 639 ha.), LUC Class 7 (approx. 286 ha.). |
| More information | Christina Lefever Lefever Law PO Box 33064 Barrington Christchurch 8244 |