Tuatapere farm to be converted to pine

A Malaysian-based company has received consent under the Overseas Investment Act to buy a 286ha sheep and beef farm at Tuatapere to convert to a commercial plantation pine forest. Pine Plantations Private Ltd applied for consent under the special test relating to forestry activities to purchase the property for NZ$3.47million, from Richard James Greer and Timothy William Greer as trustees of the Greer Family Trust.

The applicant intended to establish and maintain about 183.67ha of commercial plantation forest, predominantly pinus radiata. About 5ha would be subdivided and sold while the residual land, about 93.5ha, contained native bush, buffer land, set-backs and riparian planting.

The land fell under land use capability classifications LUC4 (about 64ha) and LUC6 (about 223ha). Consent was granted by the minister for land information and the associate minister of finance as they considered the applicant had met the criteria for the investor test and the special forestry test.

Consent was also granted for ANZFF3 Ltd — which is wholly owned by ANZFOF3 NZ Pty Ltd, which is ultimately owned by The Trust Company (Australia) Ltd as trustee for the New Forests Australia New Zealand Forest Operating Fund 3, which is wholly owned by certain overseas investment funds — to buy the 1474ha Te Hau Station Ltd, at Whatatutu. It was intended to convert the sheep and beef farm to plantation forestry.

Source: ODT