THE D-I-C- LEASES.
RESOLD TO PRESENT HOLDERS. Only one bidden who represented the present lessees (Mr. K. J. llnllenstein, managing director of the P.1.C.), attended tho auction Sale conducted at the Concert Chamber, Town Hall, yesterday, bv Mr. A. L. Wilson (acting for tho Wellington City Council), of tho Glasgow leases, covering the land and buildings of the D.I.C. premises, which extend from Panama Street to Brandon Street. Tho auction was therefore a purely formal affair, the properties being resold to the DXC. at the upset price, namely: Lot 1, <£fi per foot, annual rental .EMO 10s.; lot 2, JIG per foot, annual rental dEB4O. Under tho conditions, of the sale, any purchaser other than the present tenants, would have been required to pay, in compensation for the buildings, ,£11,00(1 for lot. 1, and .£'20,000 for lot 2, 10 per cent, of this being dne on the fall of the hammer, a further 10 per cent, by 27. and the balance of 80 per cent, by November 27. Plus that, 011 c half-year's rent 011 the fall of the hammer was also to bo naiil.
The leases are for a term of 11 years, with the right, to have further leases for successive terms of U years, auctioned in perpetuity.
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Dominion, Volume 6, Issue 1557, 28 September 1912, Page 5
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210THE D-I-C- LEASES. Dominion, Volume 6, Issue 1557, 28 September 1912, Page 5
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