Springs Road Property Limited was incorporated in 1997, and has 77 Shareholders. The company owns a single property at 7 Springs Road, East Tamaki, Auckland. The building is a modern 4 level building with distinct architectural influence. The building is fully tenanted with good lease arrangements. Goodman Fielder Milling & Baking, New Zealand Limited lease 66% of the leased area and Manakau Water (Manakau City Council) lease the balance.

Investment parcels are made up of one Mortgage Bond, with an issue value of $4,000 and one thousand shares (issue value $1.00 per share). Mortgage Bonds are issued under a Mortgage Trust Deed between the Issuer and Trustee Executors Limited. Interest is paid quarterly against the Mortgage Bond at the lower of 12.5% or the current 90day bank bill rate plus 4%. The 90day bank bill rate on 01 April 2004 was 5.56%. Therefore, the interest rate payable on Mortgage Bonds will be 9.56% per annum for the period 01 April 2004 to 31 March 2005. In order to preserve the overall return on each parcel of Mortgage Bonds and Shares at 10% (on an issue price of $5,000 per parcel), an annual dividend per share has been paid in respect of the year ended 31 March 2002 and 2003. The discretionary dividend is subject to the Company’s revenue performance and capital expenditure that may be required.

Annual reports 2002 | 2003 | 2004 | 2005 |2006 | 2007 | 2008 | 2009
Secondary Market Listings : Click here to access more detail on the availability of parcels in Springs Road Property Limited.