The Overseas Investment Office has granted consent for a private company with United States interests to buy Priory Farm, near Glenorchy.
The office has cleared the way for Cabo Ltd, as trustee for Cabo Trust, to buy 139.4 hectares of land from Priory Pastoral Farm Ltd for $1.1 million.
Priory’s directors are Alan Harper, of Frankton, and Lee Nicolson, of Queenstown.
Cabo Ltd directors are shareholders Aaron Wallace, Matthew Bellingham and Michael Atkinson, all of Auckland, and US-based Thomas Tusher – the former Levi Strauss president and present Blanket Bay owner.
The decision, dated June 2, says Cabo is acquiring the farmland to integrate it into 3200ha active sheep, cattle and deer farm, Wyuna Station.
“The acquisition will provide access to an area with good rainfall and grass-growing, enabling Wyuna Station to expand its stocking and finish its livestock to marketable export weights.”
The transaction had satisfied the Overseas Investment Act 2005, with particular reference to increased export receipts, greater efficiency and productivity, additional investment for development purposes, and increased processing of primary products.
Five years ago, the office granted two separate consents related to Cabo and Wyuna Station.
Early in 2010, the office granted consent for Wyuna Station to transfer 84ha of preserve land to a residents’ association, clearing the way for a 170ha subdivision.
At that stage, Wyuna Joint Venture – the company behind the Wyuna Preserve Development – was owned partly by Pisidia Holdings Ltd, headed by Jacks Point developer John Darby, and partly by Cabo Ltd.
In August that year, the office granted consent for Cabo to buy Pisidia Holdings’ 40 per cent share in a joint venture “restructure”, for a consideration of $8,358,908, excluding the Wyuna Preserve Development.