Quarry Capital

Washdyke Limited Partnership

Commercial Property


New Zealand law normally requires people who offer financial products to give information to investors before they invest. This requires those offering financial products to have disclosed information that is important for investors to make an informed decision.

The usual rules do not apply to this offer because there is an exclusion for offers where the amount invested upfront by the investor (plus any other investments the investor has already made in the financial products) is $750,000 or more. As a result of this exclusion, you may not receive a complete and balanced set of information. You will also have fewer other legal protections for this investment. Investments of this kind are not suitable for retail investors.

Ask questions, read all documents carefully, and seek independent financial advice before committing yourself.

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. Returns are not guaranteed. 

Total Share/Units
1,140 Units
Min Investment
5 Units
Min Invest Value
NZD $50,000.00
Par Value
NZD $10,000.00
Quarry Capital
Issue Type
Commercial Property
Offer End Date
November 30, 2022

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).

Key Features

The LP intends to purchase a substantial industrial precinct including seven buildings across three separate titles at Sheffield Street, Washdyke, Timaru.

There are six established tenancies in place, with a Weighted Average Lease Term (W.A.L.T) of 7 years from the expected settlement date (30 November).

Funding for the purchase, including acquisition and equity raising costs, will be by way of investor capital only ($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

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.

Investors will be 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 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.

The tenants are all proud local businesses supporting 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 (WGP Nominees Limited (yet to be formed)) and the Limited Partners (the investors).

Ritchies building

HDPS building

Transworx building

Hilton Haulage lease

SC Hydraulics building

Broadhead buildings (existing)

Broadhead building (new)

01.09.2022 Short form REOI
Quarry Brochure_Sept2022
Washdyke Limited Partnership - Information Memorandum - October 2022

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