Silverfin Capital is pleased to announce that the 20 Duke Street Scheme offer is now open. The Scheme offers investors an opportunity to acquire a share of a beneficial interest in the land and buildings at 20-28 Duke Street, Frankton, Hamilton. The property is 100% leased to RJ Hill Laboratories Ltd, New Zealand’s largest private analytical testing facility with 11.3 years remaining on the lease (as at 31/03/21). The offer is available to wholesale and eligible investors only.
The proportionate ownership scheme (as created by the Deed of Participation) will be known as the 20-28 Duke Street Scheme (‘the Scheme’). The Property is a large single storey warehouse frame structure, featuring a small mezzanine second level, which provides office and laboratory amenities to tenant RJ Hills Laboratories Limited (‘the Tenant’). Located in the established industrial precinct of Frankton, Hamilton the property features dual street access, full drive around capabilities and 192 carparks. The property was constructed in 2006 for NZ Post and underwent alterations and improvements throughout 2016-2018 to convert the property into a space suitable for the needs of Hills Laboratory. The Hills Laboratory lease commenced 1 July 2017.
263 investment parcels of $50,000 each ('Interests') are being offered in the Scheme. Each party that applies for an Interest, and has its application accepted, will become an investor in the Scheme (‘Investor’). Investors may apply for one or more Interests. Each Investor will acquire a beneficial interest in the Property. The record of title to the Property will be held by 20 Duke Street Scheme Nominees Limited (‘Nominee’) as bare trustee for the Investors. The Scheme intends to subscribe for two Interests, which means that a maximum of 261 Interests will be available to Investors. These two Interests will be held by the Scheme to be on-sold to fund capital expenditure requirements as and when they arise.