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. Currently the scheme is known as the Tuapeka Property Syndicate, however following the restructure it will be known as the Tweed Property Scheme (‘Scheme’).
The Scheme is a managed investment scheme under the Financial Markets Conduct Act 2013 ('FMC Act').
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. The Scheme intends to purchase the freehold ownership of 90 Tweed Street (the ‘New Property’) in Invercargill, which will be leased to Ministry for Primary Industries ('MPI') under a new 12-year lease with two further rights of renewal.
Upon Settlement of the New Property, a six month redevelopment programme (including base build works and fitout works) being led by Calder Stewart will commence to 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.
The existing Interests on issue in the Scheme will be restructured contemporaneously with the acquisition of the New Property and the associated issue of new Interests on Settlement Date.