BIG PROPERTY DEAL

Press, Volume LXXIII, Issue 22057, 3 April 1937, Page 12

BIG PROPERTY DEAL

NEARLY £IOO,OOO INVOLVED new premises for WOOL WORTHS FOUR BUILDINGS CHANGB HANDS One of the largest real estate deali in the history of Christchurch, involving nearly £ 100,000, has just been completed. Four separate building blocks have changed hands, two on High street and two on Hereford street. The purchasers are Woolworths (N.Z.), Ltd., who intend to erect on the site of the properties acquired a large and modern department store for their Christchurch business. The negotiations for the' purchase were carried out on behalf. of Woolworths by Mr T. N. Gibbs, as managing director of Nisbet House, Ltd. The High street properties are Na 260, owned by W. R. Cooke and Son, Ltd., and recently occupied by Melody Lane Ltd., and Nos. 254-258, owned by the McKenzie, McKenzie and Gnscott Trust. Known as Equipment House, the latter building is occupied by R M. Watson, Ltd., the Canterbury Sports Depot, Universal Fur Company, Ltd., a fourth shop being vacant. The Hereford street properties are the Mercantile Chambers, No. 142, and the Hereford Chambers, Nos. 144-150. Originally owned by the New Zealand Loan and Mercantile Agency Company, Ltd., the Mercantile Chambers of the best known examples of the Gothic style of building in the city, and years ago was looked upon as one of the architectural features of Christchurch. The building was. owned toy Messrs A. F. Carey, F. W. Freeman, and W. R. Carey! and occupied by Messrs David Stock and Company, Messrs Cuningham and Taylor, and other tenants. Hereford Chambers were owned by Mr W H. Marley. The occupants Of this building are Messrs Thomas Cook and Son, the Prudential Building and Investment Society, Messrs M. B. Cook and Company, Messrs Muff. Murphy and Butler, and Mr W. E. Simes. In the case of this property an extended building lease has been arranged. The individual prices at which the properties have changed hands have not been disclosed, but it is ‘understood that the total is not much short of £IOO,OOO. , The combined properties will give a frontage of 72 feet 6in on High street, and 82 feet on Hereford street, with a distance from street to street of about 170 feet. It is the intention of Woolworths (N.Z.), Ltd., to demolish the two High street buildings, as well as the Hereford Chambers, leaving the Mercantile Chambers to be embodied in the new department store to be erected. The store will have entrances and frontage on Hereford street, as well as on High street. Because of the large width and depth of the site, the directors have in mind the erection of a building which, when completed, will be the most impressive and outstanding link in the company’s chain or stores throughout Australia and New Zealand. , , . ... . Although the company’s lease of its present Christchurch premises has several years to run, the construction of its new store will ba started at an early dace. . , . _ Messrs Baker Bros, acted for the various vendors and owners of leaseholds in effecting the sales.