“30+ years of investing and providing Toi Moana Bay of Plenty Regional Council a foundation of financial security and a means to support our region’s prosperity.”
– LYNDON SETTLE, QUAYSIDE CHIEF EXECUTIVE
OUR PURPOSE
& MANDATE
Quayside’s purpose is to grow a responsible and diversified fund that generates long-term returns to support the growth and prosperity of the Toi Moana Bay of Plenty.
As the investment arm for Toi Moana Bay of Plenty Regional Council, we manage investment assets independently from Council operations, providing annual dividends that support the Council’s Long Term and Annual Plans. Initially mandated to be the custodian of Council’s shareholding in the Port of Tauranga, we have since grown a significant Non-Port Investment portfolio, which continues to bring value to our shareholder and the wider community, as well as creating a diversified fund to protect the future.
OUR VALUE
Our impact is captured primarily through financial metrics. It is exemplified through our dedication to wealth preservation and growth, a resilient distribution to Toi Moana Bay of Plenty Regional Council and our regional investments. Our value is the lasting, positive impact we create together.
WEALTH PRESERVATION
& GROWTH
From 1991 until the present day, Quayside has grown its initial portfolio by ca. 20% a year. From an initial acquisition of 55 per cent share in the Port of Tauranga from the Bay of Plenty Regional Council, originally valued at $53 million, the considered investment decisions over the last 30+ years have resulted in significant growth that has allowed Quayside to diversify its portfolio. At 31 December 2024, Quayside’s portfolio base has a net asset value of $2.6* billion, including approximately $425 million worth of net assets unrelated to the Port of Tauranga. Distributions to shareholder and PPS holders totalled $497 million.
*Non‑GAAP numbers deconsolidate Port of Tauranga and measure the holding at fair value.
DIRECT RATEPAYER
BENEFIT
Quayside has provided distributions and capital to the value of over $728 million to the Bay of Plenty Regional Council, which provides services for the region and contributes towards annual rates. This represents a significant annual saving per household through the reduction in general rates. In the 2023/2024 year, the average general rates bill was offset by $380 per property. Quayside’s positive impact is further highlighted when noting the percentage increase in households in a growing city.
REGIONAL
INVESTMENT
Investing in our region fosters economic growth while also making a positive contribution to the social, environmental, and cultural fabric. By actively seeking opportunities that yield returns above benchmarks, we ensure that our investments contribute positively to the Bay of Plenty communities, paving the way for a sustainable and prosperous future. We do this whilst also balancing the need for a diversified portfolio and ensuring investments meet our hurdle rate. Currently, some of our regional investments include; Rangiuru Business Park, Tauranga Crossing, Panorama Towers, Te Papa Tipu and Huakiwi.
OUR PEOPLE
BOARD
Mark Wynne, was appointed to the Board in October 2023 and as Chair in February 2024. Mark comes from a nine-year tenure as CEO of Ballance Agri-Nutrients New Zealand. Prior to this Mark held a series of Director roles across the health and tech industries, namely Manuka Health and Ice Angels Investments. Mark has also previously held senior executive positions at Fonterra, Kimberly-Clark and the New Zealand Dairy Board.
Stuart was appointed to the Board in November 2018 and is a member of the Audit and Risk Committee. He is an elected member of Bay of Plenty Regional Council and a member of their Risk and Assurance Committee, Operations and Monitoring Committee, SmartGrowth Leadership Group and Deputy Chair of the Policy and Strategy Committee. Stuart has held a number of governance roles both in the private and public sector and was Mayor of Tauranga from 2004 until 2016. He is President of Local Government New Zealand and is a trustee of Summerhill Charitable Trust. Stuart was made an Officer of the New Zealand Order of Merit in 2017.
Te Taru was appointed to the Board in March 2021. He is an elected member of Bay of Plenty Regional Council and a member of their Risk and Assurance Committee and Komiti Maori. Te Taru has held a number of governance roles in both the private and public sector and has been a Trustee and Chairman of numerous Land Trusts and Incorporations within the Te Arawa Confederation of tribes. He was a past Board member of the National Federation of Māori Authorities, is currently the Deputy Chairman of the Te Arawa Federation of Māori Authorities, the Chairman of Te Tatau o Te Arawa partnership with Rotorua Lakes Council and is a Board member of the Māori Trade Taumata. He has a wide range of experience from scientific and applied research to indigenous socio-economic development nationally and internationally including cultural leadership of the National Museum of New Zealand, Te Papa Tongarewa, and Chief Executive of the New Zealand Māori Arts and Crafts.
Keiran was appointed to the Board in 2019 and is Chair of the Audit and Risk Committee. She is a full-time professional director with a background in accountancy, business rescue and insolvency across both the public and private sectors. Keiran is currently on the Board of the New Zealand Lotteries Commission and University of Canterbury, as well as a range of SMEs in the health sector. She also provides independent audit and risk governance expertise to various councils. Keiran is a chartered accountant and a chartered member of the Institute of Directors.
Fiona was appointed to the Board in June 2018. Fiona was the General Manager of Strategy and Science at the Bay of Plenty Regional Council for over six years before being appointed as the Chief Executive in June 2018. Fiona is a director of BOPLASS and Executive Board Member of Priority One. Fiona is also the Chair of Otumoetai Intermediate School board and a trustee at Tauranga Girl’s College.
Fraser Whineray, was appointed to the Board in October 2023, and was most recently the Chief Operating Officer at Fonterra. Fraser has a strong venture capital and investment background, and previously held several senior executive roles, including CEO of Mercury where he received the Deloitte New Zealand Chief Executive of the Year in 2019. Fraser has undertaken several governance roles in the energy and consulting sectors, including Opus International Consultants, Carter Holt Harvey, NZ Dairy Board and is currently an Independent Director for AgriZero, Centre for Climate Action.
David Fear was appointed to the Board in October 2023, bringing extensive experience across Institutional, Private Wealth and Investment Banking businesses both in New Zealand, and internationally. Most recently he’s held senior roles with Jarden Securities across Markets and Wealth Management and was responsible for key relationships with several of NZ’s largest listed companies at executive and Board levels. David’s 40-year career in financial markets, holding senior global roles for Citigroup and ANZ Securities provides solid investment footings for this governance role with Quayside.
“Our team is proud of the strong financial performance delivered to date for our region. We are constantly striving to better our position as the Bay of Plenty’s institutional investor.”
– LYNDON SETTLE, QUAYSIDE CHIEF EXECUTIVE
Lyndon started as Chief Executive for Quayside in October 2022, bringing with him a wealth of knowledge and experience from commercial settings and the banking world. Lyndon has a strong focus on stakeholder engagement and strategy, previously holding the role of General Manager – Finance and Investments at Tainui Group Holdings, as well as senior executives roles at BNZ and Rabobank.
Lyndon leads our Quayside team with his open, transparent leadership style and a passion to make a long-lasting difference to the communities around him.
Mel joined the Quayside team in March 2021 as Corporate Services Manager in a part-time capacity, while continuing with her own HR consultancy business. Mel recently relocated back from Australia, bringing a wide range of knowledge and specialist skills at an executive-level across multiple industries. Among some of Mel’s achievements was a Project Lead for a new brand across Australasia, managing an entire safety culture rebuild at Government-level, and input into Federal IR matters for the transport industry.
Davide joined Quayside in April 2021 as a Finance Manager and is responsible for the financial management of the group ensuring strong financial outcomes, sound compliance, risk management and providing specialist advice on investment opportunities. Prior to joining Quayside, Davide was a Fund Controller in Hines focusing his efforts on the Hines European Value Fund Series. He started his career in audit working for PwC Italy and KPMG Luxembourg. Davide has a Master in markets and Corporate Strategy from “Università Cattolica del Sacro Cuore” (Milan) and is a member of the ACCA.
Sam started working at Quayside in early 2018 when he moved to Tauranga from Perth, Australia. He is responsible for supporting Quayside’s investment decision making, including investment performance, project management, deal structure, providing strategic and operational advice, and supporting the governance function of investee businesses. Sam has previously held roles in the following areas; an in-house lawyer, foreign exchange and capital markets advisory, business development and regional development. He has studied both law and commerce, holding a Juris Doctor and a Bachelor of Commerce specialising in international business, commercial contracts, construction and dispute resolution. Sam is an admitted barrister and solicitor of the NSW supreme court.
Michael joins Quayside in August 2023, at an exciting time as the Rangiuru Business Park development gains momentum. A valuer by trade, Michael has also worked with the Todd Property Group, QIC and Stride Property Group, either in development or acquiring major property investments, such as the Remarkables Park Town Centre in Queenstown and the Northwest Shopping Centre in Auckland. Most recently Michael was a Senior Development Manager at urban regeneration CCO Eke Panuku Development Auckland, where he was responsible for the management of the joint venture between Auckland Council and NZ Super Fund, as well as counting the developments in the Waterfront/Wynyard Quarter and Northcote amongst his achievements.
Michael is responsible for current and future property developments alongside asset management for QPL.
Glenda joined Quayside in June 2021 after a five year stint at Bay Venues as Executive Assistant to the CEO and Board of Directors. Glenda also worked as Coordinator at SmartGrowth the collaborative initiative focusing of the future 50 years for the region, and the Rena Recovery programme through the Bay of Plenty Regional Council. Glenda is responsible for not only the smooth running of the office and our Chief Executive but also working alongside our project managers to deliver some of our major strategic projects.
An ACA qualified accountant, Maia joined Quayside in May 2023. He studied Commerce at Otago University, working as a chartered accountant for Deloittes and KPMG in his early career before moving to the banking sector. A few years in BNZ Finance before heading to the UK where he spent 12 years at UBS in London in the financial markets space as an interest rate derivatives trader. Later returning to Aotearoa with his whānau working for a global online derivatives news service from home and operating an Asia Pacific unit. Maia is a Ngai Te Rangi descendant and serves his community through a few volunteer governance and sporting roles.
Rob joined Quayside in early 2023 and is now a Senior Investment Manager. He holds a Finance degree from Otago, and is a CFA charterholder. Originally from Timaru, Rob carved his own path in banking and investment, distinct from his twin siblings. Prior to Quayside Rob has been a lender across all segments of New Zealand’s credit market from SMEs to institutional borrowers at BNZ. A strategic thinker, Rob brings expertise in private equity and direct investment and is known for his sharp attention to detail, strong moral compass and passion for helping organisations grow.
Grace joined Quayside in July 2023, after working alongside Quayside for 5+ years as a marketing agency partner, delivering the Quayside, Rangiuru Business Park and AquaCuro websites, annual reports, brand strategy and various communications assets over this time. Most recently Grace worked for Aurecon within the stakeholder engagement and change advisory team, supporting local and national infrastructure projects.
A descendant of Ngāti Raukawa and Te Aitanga-a-Māhaki, Grace advocates for inclusive iwi partnerships and the integration of Ao Māori perspectives within our corporate practices.
Mark started working at Quayside in late 2020 in the capacity of Project Manager – Property. He brings a wealth of experience to the team having worked in project management and engineering roles both abroad and in New Zealand. In these roles he has managed large teams to deliver successful projects and outcomes. Mark’s expertise lies in delivering complex civil and development projects from conception to completion. Mark holds a Bachelor of Civil Engineering with a Masters in Project Management.
John joined Quayside in June 2023, bringing a Degree in Civil Engineering with extensive large-scale civil project management experience. This globetrotter has worked in the UK on the East London Line and London Olympics, and in Papua New Guinea, Vanuatu, and Tonga delivering wharves, roads, bridges, and gas pipeline projects.
Johns’ role at Quayside will see him deliver on defined civil and infrastructure project milestones, oversee contractor management, asset management, stakeholder engagement and provide technical property advice in relation to Quayside investments.
Sam started with Quayside in February 2024 as Investment Manager. Sam is responsible for supporting investment decision-making, including investment performance, project management, deal structure, providing strategic and operational advice, and supporting the governance function of investee businesses. Sam has significant corporate finance, M&A and asset management experience, starting his career in the KPMG Corporate Finance team, before moving onto an international asset management firm and more recently in a corporate finance role at Comvita. Sam holds a Bachelor of Commerce from the University of Otago and is a Chartered Accountant (CAANZ).
Having worked for a number of Chartered Accountancy firms in the region and beyond, Nicole was welcomed into the Quayside team in September 2022. As a member of the NZ Chartered Accountants since 2002, Nicole brings a wealth of accountancy experience to Quayside and she is a whiz in Xero! Nicole is active in her community both as a volunteer and with her family.
Rachael joined Quayside in November 2024, looking after accounts payable and a variety of financial administrative duties. A long-time Tauranga resident, Rachael began her professional journey in a local legal office, where she earned her Legal Executive qualification. She then shifted gears to work alongside her husband in their marine business before moving into a finance administrator role at a secondary school. This diverse experience has equipped Rachael with a well-rounded skill set, perfect for Quayside. Outside of work, Rachael enjoys a busy home life with her husband, teenage daughters, and a collection of cherished pets.
Callum joined Quayside in February 2024 as an Investment Analyst. He focusses on analysing investment opportunities in listed equities, private equity, property, and other real assets. Before joining Quayside Callum was both a Corporate Finance Intern and Graduate at Deloitte in Hamilton, later moving to the Auckland Corporate Finance team for a further two years, being promoted to Senior Corporate Finance Analyst before joining the Quayside team. Equipped with a Bachelor of Commerce, majoring in Finance and Accounting, followed by a Diploma for Graduates Endorsed in Economics, he enjoys the realm of mergers and acquisitions, the buy and sell side of transactions and digging deep into what makes the wheels spin within business.
Tom joined Quayside in November 2022 as an Investment Intern after completing his time at the University of Waikato, studying a Bachelor of Business, majoring in Accounting and a minor in Agribusiness. In early 2024 Tom took on a permanent position as an Accountant within the Finance team, where his primary role is supporting the Financial Accountant across payables, receivables, financial reporting and budgeting and group GST in addition to assisting the investment team with reporting. Outside of work, this quiet achiever is a mad-keen sportsman, who enjoys the outdoors and expanding his culinary skills.
Christy joined the Quayside team in June 2024. With extensive experience in executive assistance, office management, and human resources across various industries, she is a highly adaptable, results-driven professional. Known for her organisational skills and for fostering strong team cultures, Christy thrives in dynamic environments. Her career includes managing administration teams, coordinating projects, and providing strategic HR advice. She has led office relocations, implemented new systems, and organised high-profile events across industries like legal, banking, commercial real estate, and consulting engineering including BOP local firms Harrison Grierson, Copeland Ashcroft and Zespri. Outside of work, Christy enjoys gardening, home improvement, foreign film festivals, and spending time with her teenage son.
OUR STORY
Quayside was born from an innovative idea to advance the Bay of Plenty, an approach we continue to live by every day.
In 1991 the Bay of Plenty Regional Council established Quayside Holdings as a separate investment arm, beginning with a 55% share in the Port of Tauranga. But that was only the start…
By 1997, our success meant we’d become an entity in our own right, allowing us to look further than the Port of Tauranga and find new ways to invest in our region. As locals ourselves the economic, social and environmental growth of the Bay has always been a driver and the reason we continue to diversify our assets so we don’t keep all of our eggs in one Port-shaped basket.
Over the last 30+ years this vision hasn’t changed, leading us to work with partners and choose investments that contribute to a brighter future for our community.
1989
- BOPRC established, receives 77% shares in POT from disestablished BOP Harbour Board
1991
- QHL established as commercial investment arm of BOPRC
- QHL borrows $53m to acquire POTL shares from BOPRC
1992
- POT lists on NZX, QHL shareholding reduces to 55%
1998
- QHL pays first dividend to BOPRC of $1.2m
1999
- 1st diversification opportunity for QHL when POT provides unimputed special dividend of $8.4m
2001
- QHL net assets pass through $250m
2003
- QHL establishes QPL to enable diversification into property
2005
- QPL purchases 162ha of land at Rangiuru for business park
2008
- Consent gained by QPL for development of Rangiuru Business Park
- QHL raises $200m through the issue of PPS to retail investors, tradable on NZX. QHL funds this instrument on behalf of the Group. Proceeds held by BOPRC for infrastructure projects
2010
- QHL appoints first full-time Chief Executive
2011
- QHL net assets pass through $500m
2012
- Strike at Ports of Auckland increases container volumes via POT resulting in 40% increase in dividends
- New QHL policy of holding surplus profits for new opportunities
- NZ Productivity Commission attributes part of POT’s success as top performing NZ port to the QHL/BOPRC structure
2013
- QHL net assets pass through $1b
2014
- QHL establishes QHL Investment Trust, a wholly owned portfolio investment equity trust
2015
- POT enters Kotahi JV with Fonterra and Silver Fern Farms, QHL shareholding reduces to 54.14%
- QHL & Te Tumu Paeroa (the Māori Trustee) invest into OPAC, the largest seasonal employer in Opotiki
- BOPRC formalises QHL strategy to retain 20% of cash profit, fostering further economic and regional development
2016
- QHL becomes cornerstone investor in Oriens Capital Fund 1
- QPL purchases 53 Spring St, Tauranga and develops a regional investment hub with aligned organisations/businesses as tenants
2017
- QHL continues to diversify asset class exposure with significant investment into Huakiwi Services Ltd founded, a JV between QHL and Te Tumu Paeroa
2018
- QHL net assets pass through $2b
- QHL partners to create competitive advantage in BOP Real Estate, establishing Tauranga Commercial Development Limited and acquiring commercial site in Tauranga for future development
2019
- QHL creates JV Lakes Commercial Development Limited, acquiring commercial site in Rotorua for future development of BOPRC office
2020
- QHL net assets pass through $3b
- Provincial Growth Fund funding received to advance the Rangiuru Business Park.
2021
- Seeka Ltd acquires OPAC, doubling QHL’s initial investment
- Quayside turns 30 on 22 July 2021.
- Earthworks begin on Stage 1a of the Rangiuru Business Park.
2022
- Quayside acquires a 44% stake in PF Olsen, a leading professional independent forestry service.
2023
- Quayside takes 21% stake in Tauranga Crossing
- Quayside joins Carrus and Watts Investments in JV for Panorama Towers
2024
- Tauranga Crossing stake increases to 36%
- Te Papa Tipu building development in Rotorua is completed and let to two government tenants
2025
- BOPRC enables managed partial sell-down of Quayside’s Port of Tauranga shareholding
- Rangiuru Business Park achieves first land sale (8.7HA) and opens motorway interchange bridge
Bay of Plenty Regional Council (‘BOPRC’), Quayside Holdings Ltd (‘QHL’), Quayside Properties Ltd (QPL), Port of Tauranga (‘POT’), Bay of Plenty (‘BOP’), Perpetual Preference Shares (‘PPS’), Opotiki Pack & Cool (‘OPAC’)