Rangitikei Aggregates Limited has been granted consent under the Overseas Investment Act for the purchase of land in Marton.
The 182 hectare, $3.6m block on Onepuhi Rd in the Rangitikei was considered sensitive land because it is non-urban and exceeds five hectares, Land Information New Zealand manager Annelies McClure said.It also sits adjacent to a reserve.
But the overseas investment office said the sale by the Bridgend Trust to Rangitikei Aggregates would provide New Zealand with "identifiable benefits". The decision summary also said the land would be leased back to the trust which would continue to farm the land.
