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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 Companys revenue
performance and capital expenditure that may be required.
Annual reports
2002
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Secondary Market Listings :
Click here to access more detail on the availability
of parcels in Springs Road Property Limited.
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