Section 16A(4) Overseas Investment Act 2005
|Decision Maker||Overseas Investment Office|
|Decision Date||22 June 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 285 hectares of land at 222 Rendall Road near Whakatane (Ngapuke Farm).|
|Consideration||Withheld under s9(2)(b)(ii) of the Official Information Act 1982|
|Applicant||Enterprise Investments WRI Limited
United Kingdom (100%)
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 Applicant is a newly-incorporated company established to acquire assets for silviculture and other forestry activities. This acquisition will be its first investment.
The land to be acquired is currently used predominantly for dairy farming purposes. The Vendor intends to retain approximately 17 hectares (including one dwelling). Of the balance, the Applicant intends to subdivide and sell a further 7 hectares (including two dwellings) and convert the majority of the remaining land (approximately 210 hectares) into a commercial plantation forest. The Applicant intends to begin planting during winter 2023. The Applicant will replant after harvesting the first crop of trees.
The remaining land will be made up of native bush and scrub (approximately 10 hectares), a powerline corridor, and buffer land. The Applicant will maintain existing fencing around high value native bush areas.
By way of background, the land that is the subject of this application is Land Use Capability (“LUC”) classifications:
|More information||Amanda Spratt
PwC Tower Level 22
15 Customs Street
West Auckland 1010