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 Limited Partnership (the ‘LP’).

Please read all information, including the Information Memorandum and the IM Addendum (ASB Loan) as well as seeking professional advice before committing to the investment.

Key Features

• The LP owns a substantial industrial precinct including six buildings across three separate titles at Sheffield Street, Washdyke, Timaru.
• There are seven established tenancies in place, with a Weighted Average Lease Term (W.A.L.T) of 6.4 years (as at 1 July 2023).
• The purchase price was $10.5m (excluding acquisition and equity raising costs). Ford Baker Valuations valued the Property at $10.78m.
• The total purchase, including acquisition and equity raising costs, was $11.4m.

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
• 790 Partnership Interests of $10,000 each have been issued with a minimum investment of $50,000 (five interests), and then in multiples of $10,000 thereafter.
• The Manager has the discretion to issue additional interests over and above the 790 if required.
• A proportion of the interests has been underwritten and these interests are available to wholesale investors.
• The current pre-tax cash distribution of 6% is paid monthly. Please refer to the updated financial forecasts in the IM Addendum for more information.
• Investors are responsible for paying their own tax.

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 LP leases are spread across three titles all zoned Industrial H Zone (Heavy Industrial).
• 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.
• The tenants are all proud local businesses who support Canterbury’s logistics, agriculture and construction sectors.

The Structure

• The LP is a managed investment scheme for the purposes of the Financial Markets Conduct Act 2013 (‘FMC Act’). As the LP is only open to wholesale investors (as that term is defined in the FMC Act) and is therefore not a regulated offer, the LP is not required to be registered under the FMC Act.
• The LP has no fixed term. The LP and/or an individual Subscriber’s Interests in the LP 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 (Washdyke GP Limited) and the Limited Partners (the investors).

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