A DEAL IN HOTELS

Wairarapa Age, Volume XXV, Issue 10713, 31 January 1913, Page 5

A DEAL IN HOTELS

FOUR. AUCKLAND HOUSES BOUGHT. (By Telegraph.—Fress Association.) AUCKLAND, Last Night. Four big deals in hotel property have joist been completed in Auckland, and figures available indicate the extent to which southern firms nro willing to operate on the 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 Lave been secured by these two firms from the owners, Messrs. P. and. J. O. Gleeson, of the Windsor Castle Hotel, in Parnoll, and Prince Arthur Hotel in Wellesley street. As a consideration for immediate possession, a cash 1 bonus has been paid to the owners and the tenyear lease® are to run at a rental of £IOOO per year, or £SOO per house. iTm addition, the same firms have acquired the freehold of the Oxford Hotel, in Victoria street, for £IO,OOO. and the Queen 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.