DOMINION PICTURE THEATRES
PURCHASE OF FREEHOLD. The directors of the Dominion Picture Theatres have purchased the freehold of the Princess Theatre and buildings on behalf of the company. In pursuance of their policy to secure the shareholders' capital by realisable assets, the directors, immediately the mortgages on the company's property were liquidated, approached tbe owners of the freehold as to the purchase of their interest, and negotiations were brought to a successful conclusion. These negotiations have been carried out entirely by the board, and no commission has been, or is to be, paid by the company. In a purchase of this magnitude the non-payment of commission means a saving of approximately £1500. The property is a very valuable one, with 58 feet frontage to Queen and Lome Streets, and a "depth of 163 feet. The buildings consist of substantial ferro-concrete buildings, comprising the Princess Theatre, shops and oflices, with lift and entrances from Queen Street. It is stated that the financing of the purchase has also been arranged on a conservative basis, and that shareholders will not be called upon to provide any cash or subscribe for additional shares.
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Bibliographic details
Auckland Star, Volume LV, Issue 116, 17 May 1924, Page 6
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189DOMINION PICTURE THEATRES Auckland Star, Volume LV, Issue 116, 17 May 1924, Page 6
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