The possible sale of Whanganui District Council forestry to a foreign buyer has been delayed again.
The possible sale of Whanganui District Council forestry to a foreign buyer has been delayed again.
The pending sale of Whanganui District Council forestry to a foreign buyer has been delayed again and an outcome will not be known until next year.
The sale of the district's forests - McNabs, Te Ara To Waka, Sicilies and Tauwhare - is awaiting approval from the Overseas Investment Office(OIO).
A decision was expected this year but council's special projects manager Rowan McGregor said the proposed buyer has requested an extension of the conditional forestry sale until February 2 next year.
"The council agreed to this [and] the process is still continuing under the OIO."
Earlier this year the OIO asked the potential buyer for more information for its application.
The identity of the buyer remains confidential until the sale is finalised - as does the purchase price - but is believed to be part of a Japanese-based forestry investor.
In March the council's joint forestry committee is to ask council for a top-up of $250,000 to its budget to help cover costs associated with the sale - some of which will be recovered from the buyer.
