With an experienced team and a specialised skillset, Quarry Capital is the result of preparation meeting opportunity.
How Quarry Capital began
In 2012, CEO David Kitson was a director of Taurus Group and was offered the opportunity of taking over the management of nine commercial property syndicates from an Auckland based syndicator, with assets under management of $140m. The management of these properties was transferred to Quarry. Many of these schemes were in financial distress so one of Quarry’s roles was to realise the properties and return as much capital to investors as possible. By March 2018, all nine syndicates had either been wound up or successfully transferred to another manager. Since 2015, Quarry has added six new property syndicates to its portfolio, the latest in March 2021.
Quarry Capital (formerly Taurus Management Limited) was incorporated in 2012 and received its market service licence in 2017.
Quarry Capital was initially established and connected to Taurus Group Limited, a chartered accountancy practice and finance advisory firm based in Christchurch. Gradually gaining more independence, the Quarry Capital name and branding was released in 2019. Today we operate completely independently and specialise exclusively in commercial property syndication services.
Our first new scheme was the purchase of the freeholds of 9 childcare centres in the lower North Island and South Island. A tenth property was purchased in 2017 and eleventh was added in June 2019. Three Christchurch CBD centres were added in October2021. The investment currently provides a pre-tax cash returns of 7.0% p.a. to investors, with the value of the properties having increased to $48.49m.View case study
This scheme saw Quarry Capital syndicate the Dunedin property owned by Tuapeka Gold Print Ltd in a sale and lease back arrangement. Currently providing a pre-tax cash return to investors of 8.5% p.a., the Tuapeka Property Syndicate was oversubscribed, a clear indication of the quality this property and tenant represent.View case study
In 2017 we were granted our market service licence to operate as a manager of Managed Investment Schemes (MIS), excluding managed funds. This saw the appointment of two independent, non-executive directors and requires strict compliance with the FMC Act. Gaining our licence meant we could offer retail MIS to the public, opening up the market to more investors.
In 2018 we launched the Wairakei Property Syndicate, made up of a warehouse and office facilities within the Tait Electronics precinct in Burnside, Christchurch. While a smaller syndication, this investment provided a pre-tax cash return of 7.5% p.a. to 12 investors.View case study
This syndicate is structured as a limited partnership and owns a large warehouse and bare land block in Hillsborough, Christchurch acquired in a sale and lease back to leading South Island transport and logistics operator Hilton Haulage. It currently provides a pre-tax cash return of 8% p.a. to investors.View case study
While property syndication is our primary business, our ability to adapt, think outside the box and provide solutions to what many may think are an impossible task.
The close relationship we developed with Hilton Haulage following the successful launch of Curries Road led to the purchase of a second, adjacent property. With seven buildings on completion for a total purchase price of $37.5m, the property comprises three separate leases with an average term of 12 years plus three rights of renewal of between six and eight years. This Limited Partnership currently provides a pre-tax cash return of 8% p.a. to investors.View case study
In 2019 Taurus Management Limited rebranded as Quarry Capital Limited. This change in name and brand identity reflects our independent position as specialists in the industry and gives us greater ability to connect with current and new investors.
This property was sold in March 2020 with investors capital fully repaid.
On 31 March 2020 the limited partnership purchased the property adjacent to 12 Curries Road located at 350 Port Hills Road. The property comprises a Challenge Service Station and a building leased to a small furniture manufacturer. This site has been identified as a potential new entrance to the Curries Road and Desi Place properties providing vehicle access directly off Port Hills Road. The purchase was funded by the issue of new partnership interest shares in the LP and bank debt.