Section 12(a) Overseas Investment Act 2005
|Decision Maker||Toitū Te Whenua LINZ|
|Decision Date||07 July 2022|
|Pathway(s)||Special forestry (One-off purchase)|
|Investment||Acquisition of freehold interest in approximately 236ha of land at 2828 Masterton Castlepoint Road, Mangapakeha, Masterton (Old Te Maire).|
|Asset Value||Withheld under section 9(2)(b)(ii) of the Official Information Act 1982.|
|Vendor||Mark Daniel Shelton and Lisa Jane Shelton as trustees of the Tinui Downs Trust
New Zealand (100%)
The Applicant applied for consent under the special test relating to forestry activities set out in section 16A(4) of the Act.
The Applicant intends to acquire the Land as an investment in commercial forestry. The Applicant is an experienced forestry investor in New Zealand and the Land adjoins other forestry land owned by the Applicant.
The Land is used primarily as a sheep and beef farm, with 5ha of existing forest. The Applicant intends to convert the Land to forestry, establishing and maintaining a forest of Pinus radiata over approximately 216ha of the Land. The remaining land will be allocated for infrastructure (1ha), native plantings (7ha), unplannable areas (7ha) and setbacks (5ha).
Harvesting of the existing forest is due to take place in 2035, and be replanted the following year. Harvesting of the new forest is due to commence in 2049 when the trees are 28 years old, and replanting of a second rotation will commence in 2050. The investment will be managed by Roger Dickie (N.Z.) limited, a New Zealand based management team.
By way of background, the Land that is the subject of this application is Land Use Capability (LUC) classifications: LUC Class 3 (2ha) and LUC Class 7 (233ha).
|More information||Catherine Reid
Catherine Reid Barrister