TWC Quantum Dixon offer to investors
The Wellington Company has offered investors a share in a Wellington inner city property, with a projected annual dividend return to 31 March 2018 of 9.25% gross. The offer is being made through TWC Quantum Dixon Limited, a new company that will buy nearly all of the building at 15-21 Dixon Street in central Wellington.
Three years ago, the building was converted from office space into residential accommodation and has had full occupancy ever since. There is clear, strong demand for residential rental space in Wellington.
Following the success of The Wellington Company’s first two single-building property offers, on Boulcott Street and Manners Street, Ian Cassels is confident the new offer by TWC Quantum Dixon Limited would also meet its projected returns.
The new Dixon Street offer is again being supported by broking and advisory firm Chris Lee & Partners Ltd whose clients were strong supporters of the previous two offers.
Parcels of $25,000 (representing 25,000 shares) will be issued to raise $9.325 million; with Ian Cassels investing $1.75 million, and bank funding for the balance.
The Wellington Company’s first share offer, to purchase the building at 59 Boulcott Street, completed five years ago has been successful with the asset backing per share increasing by 20% and annual dividends now at 9.25%, up from the initial 8.75% per annum. This is the same rate of return as that projected for TWC Quantum Dixon Limited.
Cassels also confirms that the Dixon Street building has passed inspection by seismic engineers following the Kaikoura earthquake.
TWC Quantum Dixon Ltd share offer has now closed. For more information, please refer to the Quantum Dixon Product Disclosure Statement.
Read the full media release here.