DOMINION PICTURE THEATRES

Auckland Star, Volume LV, Issue 116, 17 May 1924, Page 6

DOMINION PICTURE THEATRES

■ I 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 com- * pany's property were liquidated, ap- ' proached the owners of the freehold as to the purchase of their interest, and '"j 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 fe.et frontage to Queen and j Lome Streets, and a depth of 163 feet, j The buildings consist of substantial | ferro-concrete buildings, comprising the ■■ Princess Theatre, shops and offices, 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 sharplioldcrs will not be called upon to provide any cash or subscribe for additional shares.