Duke Street Limited Partnership

Participate in the ownership of a strategically positioned industrial property in Sawyers Bay, Dunedin with an attractive tenant covenant

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register your interest
Property type Industrial Warehouse & Office
Property value $16.75m
Pre-tax cash distributions 7%
Portfolio LVR
(Loan to Value Ratio)
45%
WALT
(Weighted Average Lease Term)
12 years
Number of interests 404
Minimum investment required $50,000
The investment
  • This is an offer of partnership interest shares in the Duke Street Limited Partnership (the ‘LP’) under a Managed Investment Scheme
  • 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
  • There are 404 Interests of $25,000 each. The minimum subscription is $50,000 (2 Interests) and in multiples of $50,000 (2 Interests) thereafter
  • The LP will use the funds to purchase, and develop a new building on, the property at 17 Duke Street, Sawyers Bay, Dunedin (the ‘Property’)
  • The current owner of the Property (Hilton Haulage Limited Partnership) will lease the Property back from the LP once the new building is constructed under a new 12 year lease with 3 x 6 year renewal options
  • Forecast monthly pre-tax cash distributions of 4.0% p.a. on amount of investment paid during construction of the new building , with forecast monthly pre-tax distributions of 7.0% p.a. following completion of the development
  • Settlement of the purchase of the Property is scheduled for Wednesday 31 March 2021*
  • Offer closes Wednesday 17 March 2021*


*These dates are indicative only and may change. Quarry Capital Limited reserves the right to close the offer at any time prior to the above closing date or to extend the closing date.

The asset
  • Following the purchase of the Property, the LP will construct a new 7,700 sqm warehouse and associated office facilities on 1.33 ha for a fixed price of $12.725m plus GST
The structure
  • Investors will be Limited Partners
  • The LP is registered under the Limited Partnerships Act 2008.
  • The General Partner of the LP will be Duke Street GP Limited (the ‘GP’)
  • The management of the LP will be contracted to Quarry Capital Limited (FSP485326), a Christchurch based licenced manager of Managed Investment Schemes (excluding managed funds).
  • Hilton Haulage Limited Partnership will project manage the Development on behalf of the LP
Forecast returns
  • 4.0% p.a. projected pre-tax cash distributions commencing on issue of interests until completion of the development
  • 7.0% p.a. projected pre-tax cash distributions following completion of the development
  • 5.1% p.a. projected yield in Year 1 and 7.0% in Year 2 on investors subscriptions
  • Investors account for their own income tax

Find out more & register your interest

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Warning 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.