Applicant
Waipaoa Horticulture Limited
Case number(s)
202200411
Decision date
Type
Decision
Decision

Consent granted  

Section 12(1)(a) Overseas Investment Act 2005

Decision Maker Toitū Te Whenua LINZ
Decision Date 15 December 2022  
Pathway(s) Sensitive land (Farm land benefit test) 
Investment An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 13.8605 hectares of land located at Matawai Road, Te Karaka, Gisborne (Land).
Consideration Withheld under s9(2)(b)(ii) of the Official Information Act 1982
Applicant

Waipaoa Horticulture Limited   

Germany (51.46%)

Netherlands (24.58%)

Hongkong SAR (6.66%)

United Kingdom (5.64%)

Ireland (3.96%)

New Zealand (1.85%)

Finland (1.43%)

USA (1.16%)

Various (3.27%);

Vendor

James Gordon Holden, Jennifer Anne Holden & Carolyn Jane Nelson as Trustees of the JG & JA Holden Family Trust

New Zealand (100%)

Background

The Applicant is a subsidiary of Craigmore Permanent Crop LP, a New Zealand limited partnership established as part of the Craigmore Sustainables Management Group which invests in New Zealand farmland and forestry assets.

The Applicant intends to establish an apple orchard on the Land which is adjacent to land the Applicant recently acquired for an apple orchard development. Approximately 9.6 hectares of the Land will be planted in Royal Gala apples.

The main benefits to New Zealand are likely to include the creation of 4.6 direct full-time employees (FTEs) and 2.8 indirect FTEs, increased export receipts of $0.78 million per annum, and additional investment of $1.67 million for development purposes. The Investment is also likely to advance government economic policies such as Fit for a Better World; Accelerating our Economic Potential and ensuring productive and sustainable land use.

LINZ considers the Applicant has met the investor test criterion and that the benefit likely to occur as a result of the Investment would result in benefit to New Zealand.

More information

Christina Lefever  

Lefever Law 

christina@lefeverlaw.co.nz