COLLEGE GOVERNORS

Dominion, Volume 9, Issue 2736, 3 April 1916, Page 3

COLLEGE GOVERNORS

PROPERTIES REVERT TO THE BOARD. On Saturday last (April 1) the Wellington College Governors resumed direct control of all_ property facing the northern side of Vivian Street (between Tory Street and Cambridge Terrace), College Street, and -part of .-Lome Street, which has been • leased for 42 years to tho Equitable Building and Investment Company, and the company which preceded it as holders : of the long lease. For. tho whole of this term the Governors have received only a nominal rental for this now very valuable mid-citv property, and the lessees have reaped a rich harvest out of it. With the termination of the lease the properties revert to the Board of Gov-, ernors, who should find thoir finances improved by such resumption. Naturally,'after 42 years, or thereabouts, th° properties (all wooden two-storied houses) are not in the best repair owing to neglect during the latter term of tr/e lease, and money will have to bo expended to put many of the houses in a state of complete repair and to give them a good appearance. Tin's is to be done, it is understood, and before very long it is hoped to see College Street restored to its former prestige.' Some of tho tenants afe being allowed to take out new ten or twenty-one year ileases, subject to certain conditions, the rest are being let on a monthly tenancy. One big block has been secured on a lease of 21 years by Messrß. Thomson, Lewis, and' Co., aerated water manufacturers. This firm has occupied Collpgo property for a number of vears in Tory Street, where they transformed the old Princess- Theatre to a factory. They have now secured the property from their present premises up to the corner of College' Street (taking in what was at one time Prouse's timber yard), and intend to erect extensions to their factory as well as uti'ising the street frontages included. Thero arc 49 sections in all in this block of College endowment land, so that the return should be a considerable aid to the finances of the board in 'the future.