A British forestry investor has paid $7.7 million for nearly 370ha of land in Northern Southland.
Toitū Te Whenua Land Information New Zealand approved a consent for NZ Forestry Partnership LP to buy 368.4767ha of land at 1285 Dipton Castlerock Rd, Castlerock.
The decision states NZ Forestry Partnership LP was a new forestry investor in New Zealand, which was owned by a trust of whom the beneficiaries were two United Kingdom citizens.
The land was mostly planted in pinus radiata between 2 and 3 years old.
Twenty hectares of the land are to be planted this year.
The applicant plans to continue production forestry on the land, harvesting in up to 28 years’ time, the decision states.
About 29ha of the land will be unplanted and comprises of 1ha of native bush, 12ha of infrastructure and 16ha of unplantable terrain including ridges, gullies, steep land and waterways.
Consent was granted as the applicant had met the investor test criterion and the special forestry test criteria.
The land was sold by Treebilly Ltd, which the New Zealand Companies Register shows is owned by Daniel Minehan, of Invercargill.
