Springs Road Property Limited was incorporated in 1997, and has 128 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.

Current tenants are Counties Manukau District Health Board and the Ministry of Pacific Island Affairs. There is also vacant space which is currently being marketed.

Stapled investment parcels are made up of one Mortgage Bond, with an issue value of $4,000 and 1,000 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 90 day bank bill rate plus 4%. The 90 day bank bill rate on 1 April 2011 was 2.63%. Therefore, the interest rate payable on Mortgage Bonds will be 6.63% per annum for the period 1 April 2011 to 31 March 2012. 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) the Board has, historically, paid a discretionary dividend. The discretionary dividend is subject to the Company’s revenue performance and capital expenditure that may be required.

Annual reports | 2009 | 2010 | 2011
Secondary Market Listings : Click here to access more detail on the availability of parcels in Springs Road Property Limited.