Property purchases announced MFL Mutual Fund Portfolio now 105

Press, 2 July 1983, Page 23

Property purchases announced MFL Mutual Fund Portfolio now 105

MFL Mutual Fund, Nev,' Zealand’s largest mutual investment fund, has announced the purchase of five further properties, bringing its total owned to 105. Property No. 101 Situated at 10 Nikan Street, Mt Eden, Auckland, a newlyconstructed office/warehouse building of I,ooBm’ eonstucted by Argus Management Ltd and leased for 10 years to Unitex Fabrics Ltd. The purchase price paid was $387,500. Property No. 102 At 358 Church Street, Onehunga, Auckland, an existing factory/office building of 1356m’ leased long term to Radiator Industries Ltd was purchased for $440,000. Mr W. Lewis of Dalgetys Real Estate Ltd was the agent involved. Property No. 103 At 10 Wagener Place, Mt Albert, Auckland, an existing warehouse/office buildinng of 5416m’ was purchased for $1,740,000. The property is leased to Philips Electrical Industries of N.Z. Ltd. Mrs J. Kinsella of Weyburne & Co. negotiated the sale. Property No. 104 To be built at Parkway Drive, North Shore, Auckland, by Neil Construction Ltd, a 1918m’ warehouse/office building to be leased for 10 years to Doubleday N.Z. Ltd. The expected development cost is $791,000. Property No. 105 A warehouse/office building of 1022m’ is to be built by Angus Construction Ltd at Lorien Place, East Tamaki. Auckland, and leased to Faberge (N.Z.) Ltd. The total development cost is expected to be $410,000. Mr John Bayley of Bayleys Real Estate introduced the parties. MFL Mutual Fund now has over 40,000 contributors who share in the tax-free appreciation of the MFL property portfolio. Contributions to the Fund are available as a tax exemption within allowable limits. Anyone can be an investor of the Fund regardless of age and no medical certificates are required. Enquiries should be made to the local MFL office in your area, found under the ‘Mutual Funds’ section of the yellow pages in the telephone directory.