BIG PROPERTY DEAL

Dominion, Volume 10, Issue 2987, 26 January 1917, Page 6

BIG PROPERTY DEAL

« BY THE BANK OF NEAV ZEALAND. i For some time past the Bank, of New Zealand has felt the need of further room at its headquarters on the corner of Lambton Quay and Customhouse Quay, particularly on the ground floor, where every yard of -space is well occupied. There was some talk at one time of erecting another story on the present premises, but that may not now be necessary, as the, Board of Directors have, within the last few days, purchased that valuable property adjoining the bank premises on the western side, the four-story brick" building of tho AVellington Investment, Trustee, and"Agency Company, Ltd., which is at present occupied Jby that company,, the Phoenix Assurance Company, the Mutual Life and Citizens' Assurance Company, the Presbyterian Church offices, Mr. W. Turnbull (architect), and other tenants. This building has a frontage of 87ft. to tho Quay, and covers an v irregular section having a depth on the western side of 147 ft., narrowing to 65ft. on the bank side, Tho building is iu the very heart of the city, whers it is scarcely possible for values to recede, and when it is stated thas the bank purchased the fee simple for a sum approximating £40,000 it will bo conceded that they have made a good deal. Tho sale was effected through the agency of Mr. S. George Nathan. It is understood that sooner or later tho bank will utilise at least a portion of this building for tho purpose of its own business.