PROGRESS AT SYDENHAM

Press, Volume CII, Issue 30264, 17 October 1963, Page 21

PROGRESS AT SYDENHAM

Completion Next Month Hay’s, Ltd., expect their Sydenham supermarket to be. completed in November. The chairman of the company, Sir James Hay, says this in his review of the year’s activities which accompanies the annual accounts.

The • company's Sydenham store is being rebuilt along lines similar to those of the company’s Riccarton supermarket. The new building of some 30,000 square feet is on a site which will include a car park for 150 cars. Sir James Hay says that, having experienced three years of successful trading at Riccarton, the board felt sure that the Sydenham project would become as successful as Riccarton. Papanui A hint of new development in the Papanui area is given in • the review. “We have established a strong base in the North road in Papanui, which includes our furniture factory, central buying warehouse, appliance service departments, workrooms, and so on. As land in the area adjoining our property comes on the market, we have bought when we thought it was advantageous to do so, having regard to future developments. “Consideration is at present being given to the expansion of our activities in the Papanui area and stockholders will be kept fully informed when plans are completed,” Sir James Hay says. Commenting on the Rink Investments take-over he says Hay’s now owns the adjacent property, at present leased by Hutchinson White, Ltd., “although it will be some years before we gain possession because of the existing lease.” The other properties and investments owned by Rink Investments had been disposed of at satisfactory prices, and the final price paid for the Hutchinson White building was a reasonable one, he adds.

A circular to stockholders enclosed with the annual accounts invites suggestions from stockholders on how the company’s service or range of merchandise could be improved.