Wholesale
Quarry Capital Limited

Washdyke Industrial Scheme

Property

Register Interest

This is not an offer to the public. This offer is only available to investors certified as ‘Wholesale Investors’ within the meaning of clauses 3(2), 3(3)(a) and 3(3)(b) of Schedule 1 of the Financial Markets Conduct Act 2013.

The law normally requires people who offer financial products to give information to investors before they invest. This information is designed to help investors make an informed decision.

If you are a wholesale investor under the definition of that term in clause 3 of Part 1 Schedule 1 of the Financial Markets Conduct Act 2013, the usual rules do not apply to offers of financial products made to you. As a result, you may not receive a complete and balanced set of information.

You will also have fewer other legal protections for these investments. Ask questions, read all documents carefully, and seek independent financial advice before committing yourself.

Transaction Size
NZD 11,400,000.00
Share Price
Minimum Investment
NZD 50,000.00
Issue Type
Property
Sector
Property

Quarry Capital Limited (as the offeror, promoter, and manager) offers certified wholesale investors an opportunity to purchase limited partnership interests ('Interests') in a new limited partnership, Washdyke Industrial Scheme (the ‘Scheme’).

Key Features

  • The Scheme intends to purchase a substantial industrial precinct including seven buildings across three separate titles at Sheffield Street, Washdyke, Timaru.
  • There are currently six established tenancies in place, with a further one to be added within the next two months, bringing the Weighted Average Lease Term (W.A.L.T) of the Scheme to 7 years.
  • Funding for the purchase, including acquisition and equity raising costs, will be by way of investor capital only ($11.4m).
  • The purchase price is still subject to negotiation and final valuation report.

The Investment Opportunity:

  • This offer is only available to investors who qualify as wholesale investors under the relevant exclusion provisions of Schedule 1 of the Financial Markets Conduct Act 2013
  • 1,140 new Partnership Interests of $10,000 each will be issued with a minimum investment of $50,000 (five interests), and then in multiples of $10,000 thereafter.
  • The Manager will have the discretion to issue additional interests over and above the 1,140 if required.
  • A proportion of the interests will be underwritten.
  • This is a Portfolio Investment Entity (PIE). Investors in a PIE are taxed at their Prescribed Investor Rate (PIR).

The Location

  • Situated off the northern side of Sheffield Street in Washdyke. Sheffield Street is in an industrial cul-de-sac leading off the eastern side of Meadows Road. Washdyke is the principal industrial suburb of Timaru located on the northern periphery, either side of State Highway 1 and adjacent to the South Island Main Trunk Railway
  • Washdyke has been developed over the last 30 years and supports a wide range of industrial activities with the emphasis on the transport, logistics and rural servicing sectors. Located to the western side of the driveway entrance to the properties is the substantial Hilton Haulage headquarters property. Located nearby to the west is the substantial DB Breweries manufacturing plant and located on the opposite side of Sheffield Street are the Juice Products, Polarcold and Bluebird plants. The McCain’s coolstore complex is also located nearby.
  • The property is extremely well-located to principal road and rail arterials. Nearby is State Highway 1 and also the South Island Main Trunk Railway

The Properties

  • The Scheme leases will be spread across three titles all zoned Industrial H Zone (Heavy Industrial) following the subdivision / boundary adjustment of an existing lot which has recently been consented.
  • The seven properties include 52, 54, 68, 68a, 70, 70a and 72 Sheffield. Street, Washdyke, Timaru and make up approximately 6.85ha in total land area.
  • The buildings have all been constructed since 2002 and range in size from 300m2 to 2,232m2, with a total of 7,100m2 under roof across the Scheme.
  • The tenants are all proud local businesses who support Canterbury’s logistics, agriculture and construction sectors. 

The Structure

  • The Scheme is a managed investment scheme for the purposes of the Financial Markets Conduct Act 2013 (‘FMC Act’). As the Scheme is only open to wholesale investors (as that term is defined in the FMC Act) and is therefore not a regulated offer, the Scheme is not required to be registered under the FMC Act.
  • The Scheme has no fixed term. The Scheme and/or an individual Subscriber’s Interests in the Scheme may be terminated in various circumstances. These are provided for in Limited Partnership Agreement (‘LPA’).
  • The parties to the LPA are the Manager (Quarry Capital Limited), the General Partner (WGP Nominees Limited (yet to be formed)) and the Limited Partners (the investors).

For more information and to be put in contact with the issuer, click "Register Interest".

Quarry Brochure_Sept2022
September 16, 2022
16/9/2022
01.09.2022 Short form REOI
September 16, 2022
16/9/2022

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