The Overseas Investment Office has granted approval for a 32% Australia and 8% United Kingdom-owned company to buy land at Purerua Rd, Kerikeri for $30.2 million with the aim of subdividing it.

The purchaser Waterfront Fund, also 61% New Zealand owned, will acquire a freehold interest in the 508.46ha from previous owner William Capital Holdings No.1.

“Purchasing the land will allow the applicant to develop the land known as Wiroa Station by providing 25 lifestyle blocks,” the Overseas Investment Office says.

The purchase could also increase the productivity of the existing farm business.

The Overseas Investment Office says in its report that it is satisfied the transaction will increase the productivity of existing farm business and create jobs for New Zealanders through the subdivision works.

Waterfront Fund will protect indigenous flora and fauna, historic heritage and walking access.