Monday, 02 March 2020 12:04

Austrian billionaire to convert farm to forestry

Written by Staff Reporters

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The sale is Leitner's second granted under the special forestry test.

An Austrian billionaire has been granted consent to purchase an $8m Hill Country farm.

The Overseas Investment Office (OIO) has granted Wolfgang Leitner consent to buy a 800ha property located in Kotemaori, Wairoa and convert it to forestry.

The property known as Ponui Station currently has 714ha being grazed by sheep and beef stock.

Leitner plans to plant a further 640ha of commercial forest.

Ponui Station currently has just 14ha of existing commercial forestry.

The remainder of the land includes 33ha of native bush and 113ha of unplantable land containing boundary and riparian setbacks, ponds and infrastructure.

The Bayleys’ real estate listing of the farm describe it as “clean, healthy country, sought after scale, and opportunity to extend farm capability.”

This isn’t Leitner’s first farm purchase in New Zealand, having been granted consent to buy the $4.5m, 489ha Ngapuke Station in Gisborne in September.

Leitner’s earlier purchase was also granted under the special forestry test.

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