KEY POINTS:
One of Australia's biggest beef producers has gained clearance to buy two large farms south of Auckland to farm wagyu beef - the world's most expensive red meat.
Trade Lines Malaysian, controlled by Australians, got Overseas Investment Office permission to buy two big land blocks at Orere Pt
in Manukau to expand an existing beef and polo pony business.
The business now has more than 1700ha of land 70km south of Auckland on the Firth of Thames, after a series of deals dating back to 2002.
The company said it wanted to farm wagyu beef, which can fetch close to $1000 a kg because it is so tender.
The marbled beef has up to 25 per cent fat through the muscle and the meat fetches a premium in the United States, Europe and Asia.
The wagyu breed originated in 19th century Kobe, a province of Japan, where it was bred to boost the strength of soldiers.
The beef is now farmed worldwide.
Wagyu cattle are genetically predisposed to increased marbling. A special diet which can include sake and beer helps to give the meat a higher proportion of unsaturated fat.
Auckland restaurant Jervois Steak House offers wagyu beef for a minimum of $100 per steak.
Trade Lines applied for clearance to spend $14.6 million on the two blocks of land owned by the Adams Trust Family Partnership.
The company was cleared to buy a 1043ha freehold block at 621 Orere-Matingarahi Rd and a 418ha block of leasehold land at 455 Orere-Matingarahi Rd.
The latest application to buy land follows others to buy large blocks in the area in the past few years.
The latest application was for a further expansion, with Trade Lines saying it was establishing a wagyu cross beef breeding herd, supported by a breeding ewe flock. Labour would be shared between the company's properties and in-calf heifers would be transferred between the farms.
"A related company to the applicant is one of the largest beef producers in Western Australia and operates one of the largest polo pony breeding and training operations in Australia," the company said.
"It is intended that the NZ operation will become an integral part of the Western Australian operations providing live bulls, horses and semen for breeding programmes in Western Australia."
WAGYU BEEF
* The world's most expensive red meat.
* A single wagyu steak in a restaurant costs $100.
* A Selfridges of London wagyu sandwich costs $245.
* Cattle's diet can include beer and sake.
