Fisher & Paykel Healthcare cleared for $275m land deal, 104ha expansion
State clearance has been granted for Fisher & Paykel Healthcare’s vast expansion via a $275 million land deal at Karaka.
The Overseas Investment Office today released its latest decisions showing approval was granted for the company to buy 104ha from New Zealand business Karaka Meadows, whose sole director is Nelson’s Christopher John Royds.
Clearance was needed because although Fisher & Paykel Healthcare is 34 per cent New Zealand-owned, 32 per cent is in Australian hands, 15 per cent American, 15 per cent British and the rest are other overseas entities.
The company announced last September it planned to grow substantially via the land deal.
The company is part of the group, headquartered here since 1969.
“The group operates a research and development and manufacturing campus in East Tamaki. The land is currently used primarily for pastoral purposes including grazing and horticulture - a tomato hot house business - and a lease to a refrigerated produce transport business,” the clearance decision out today said.
The company’s existing campus is nearing capacity, so it is buying the new site for a second R&D and manufacturing campus. Research and development activities, pilot manufacturing and associate commercial and administration services are planned to be based there.
“This will enable and support the ongoing expansion of the applicant’s business activities in New Zealand. The campus will be constructed in three phases with completion of the first phase anticipated to be complete in 2029,” the OIO said.
In other decisions out today, Australian family-owned Joval Wine Group (NZ) can buy the Aurora Vineyard, 60 per cent owned by New Zealand and the rest US and Singaporean controlled.
That is on a 19ha site on Bendigo Loop Rd in Central Otago. Joval will develop it, replanting 2.6ha with premium grapes and implementing new vineyard management systems to improve fruit quality.
It intends to use grapes grown there in its Nanny Goat Vineyard wine. More intensive vinicultural methods are likely to result in an additional two jobs. The purchase will allow synergies and economies of scale with the nearby Nanny Goat Vineyard. A new cellar door will be constructed at that vineyard too, the OIO said.
Two big forestry deals were approved too.
Zentral Estate can buy land from New Zealand’s Li Liang Ren Family Trust to convert some dairy land to forestry. The purchase also involves 1534ha of existing forestry of which around 633ha is unplanted. The transaction was entered into before last August so the old special forestry test was applied.
Austrian-owned Cerberus Vermogensverwaltung GmbH was cleared to buy 368ha of land at Huruniu from New Zealand’s Loch Ard for $3.1m.
In another application, Veronica Ann Hartley and Julian David Hartley (listed as being Australia and British) can buy 10.1ha of land near Katikati in the Bay of Plenty for $3.2m. The couple meets the investor test criteria because they intend to get New Zealand residency and live here indefinitely. But they needed clearance in advance to buy the horticultural land.
The site has a residence, cottage, and orchards of avocado and kiwifruit.