Quarry Capital Limited (as the offeror, promoter, and manager) offers certified wholesale investors an opportunity to purchase proportionate ownership interests ('Interests') in an existing proportionate ownership scheme. The scheme was previously known as the Tuapeka Property Syndicate, however following a restructure which took place on 25 July 2022, the scheme has been renamed as the Tweed Property Scheme (‘Scheme’).
Scheme investors are currently receiving pre-tax cash distributions of 7.1% per annum.
The Scheme is a managed investment scheme under the Financial Markets Conduct Act 2013. The Scheme (via TGP Nominees Limited, as bare trustee) currently owns the land and buildings at 9 Chadwick Street, Fairfield, Dunedin which it leases to Tuapeka Gold Print, as well as the land and buildings at 90 Tweed Street in Invercargill, which will be leased to Ministry for Primary Industries ('MPI') under a new 12-year lease following the redevelopment.
The redevelopment programme (including base build works and fitout works) is currently underway. This program is being led by Calder Stewart and will ensure that the premises are suitable for MPI’s current and future needs. The cost of the fitout (excluding base build works) will be repaid by MPI to the Scheme over the initial term of the lease in addition to a finance cost and annual property rental.
Quarry Capital Limited has raised the funds required to settle and undertake the redevelopment works at 90 Tweed Street through the assistance of an underwriter. These underwritten Interests will continue to be marketed on the secondary market after the offer is closed. Each underwritten Interest is to be sold at its original offer price of $10,000, with a minimum purchase of 5 Interests ($50,000) for new Scheme investors, and then in multiples of $10,000 thereafter.