Road Property Limited was incorporated in 1997,
and has 124 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 Health , Sewtec, Cafe Concepts and
Polyethnic Institute of Studies. The building
is fully tenanted.
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 2016 was 2.39%.
Therefore, the interest rate payable on
Mortgage Bonds will be 6.39% per annum for the
period 1 April 2016 to 31 March 2017. 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.
Secondary Market Listings
:Click here to
access more detail on the availability of
parcels in Springs Road Property