More than 7100ha of primarily sheep and beef farming land has been approved for sale to offshore interests, including another Clutha property, the latest decisions from the Overseas Investment Office show.
Among the approvals were the controversial sales of two large adjoining stations in the Gisborne area - the 4912ha Huiarua Station and 1200ha Matanui Station - which both run sheep and beef breeding operations.
All applicants in the latest round of decisions applied for consent under the special test relating to forestry activities.
Under that test, land acquired must be used exclusively or nearly exclusively for forestry activities (maintaining, harvesting and/or establishing a crop of trees for the purpose of plantation forestry, but excluding permanent forestry).
Swiss-owned Corisol New Zealand, which has previously bought land in the Clutha district, has been granted consent to acquire a freehold interest in just over 420ha on Breakneck Rd, at Tuapeka.
The vendors were Nathan James Joyce and Julie Louise Joyce, and the buy price was withheld under the Official Information Act.
The land was used primarily as a beef and sheep farm, which the applicants intended to convert to forestry - establishing and maintaining about 310ha of forest of radiata pine, they said.
The land contained 73ha of unprotected native bush that the applicants intended and were required to retain.
The remaining land would be subdivided and sold, they said.
The successful applicants to buy Huiarua and Matanui Stations were Ingka Investments Forest Assets NZ Ltd and Ingka Investments Management NZ Ltd, which are owned by Ingka Investments BV, the investment arm of Ingka Group, which is the largest franchisee of IKEA stores internationally.
Both Huiarua and Matanui have some existing forest in radiata pine, 615ha and 88ha respectively.
The new owners said they intended to establish about 4907ha of rotation forest during the 2023 to 2026 planting seasons.
Predominantly radiata pine would be planted, although they would consider planting up to 10% of the land with alternative commercial species to create more diversity.
A condition of consent requires the applicants to harvest the crop of trees within 35 years of planting (for radiata pine) and within 50 years of planting (for alternative commercial species). Replanting will occur following harvest.
The new owners said they planned to subdivide and sell about 30ha, including 11 residential dwellings, while another dwelling would be retained for forestry worker accommodation.
Mata School is sited on about 2ha of land at Huiarua Station - subject to a licence to occupy granted to the Crown - and the applicants said they supported its continued operation.
The land use capability of the land includes 22ha of class 2 land, 290ha of class 3 land and 292ha of class 4 land.
Also approved for sale to other overseas interests were a 333ha sheep and beef farm at Hastings and a 236ha sheep and beef farm at Masterton.
The Overseas Investment (Forestry) Amendment Act 2022 came into force last month, changing the assessment criteria for overseas investments that result in the conversion of farmland to production forestry.
The primary change is that overseas consent applications for farm to forestry conversions are now considered under the general benefit to New Zealand test, rather than the more permissive special forestry test.
The new rules do not apply to transactions or applications entered into before 16 August.
