BIG HOTEL DEAL
WELLINGTON AND DUNEDIN FIRMS OPERATE.
FOLK AUCKLAND HOUSES
BOUGHT.
Press Association
AUCKLAND, January 29,
Four big deals in hotel property have just been completed in Auckland, and figures available indicate tho extent to which southern firms are willing to operate on tho Auckland property market.
The business negotiations referred to have been carried out by Messrs Speight and Co., brewers, of Dunedin, in conjunction with Messrs T. and W. Young, spirit merchants, of Wellington.
Ten-year leases have been secured by these two firms from the owners, Messrs P. and J. C. Glecson, of the Windsor Castlo Hotel in Parnell and Prince Arthur Hotel in Wellesley street. xVs a consideration for immediate possession, a cash bonus of £IO,OOO has been paid to the owners and tho ten-year leases are to run at a rental of £iooo per year, or £SOO per house.
In addition, the same firms have acquired the freehold of tho Oxford Hotel in Victoria street for £IO,OOO, and the Queen’s Ferry Hotel in Vulcan Lane passes into their hands at even a bigger figure. Four hotels have thus been secured by these two southern firms at a cost of nearly £50,000.
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https://paperspast.natlib.govt.nz/newspapers/NZTIM19130130.2.46
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New Zealand Times, Volume XXXVII, Issue 8341, 30 January 1913, Page 7
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196BIG HOTEL DEAL New Zealand Times, Volume XXXVII, Issue 8341, 30 January 1913, Page 7
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