HAY's LTD. PROJECT

Press, Volume CIV, Issue 30884, 18 October 1965, Page 10

HAY's LTD. PROJECT

Further Delay At Papanui

Hay’s Ltd.’s proposed new supermarket and department store for Papanui has again been delayed, this time by building restrictions, says the chairman of directors (Sir James Hay) in his annual report.

According to the building programmer, a building permit could be delayed until the end of next year—when Hay’s had planned to have the store open for trading. ‘‘Strong representations have again been made to the building programmer to modify his decision but to date these have not been successful.” says Sir James Hay. In 1964, Hay’s made a £575,000 convertible 20s note issue, paid to 10s each a note, partly to raise extra finance for the Papanui project. Zoning Difficulties

Zoning difficulties were encountered, threatening to postpone the calling up of the second instalment on the note issue.

These difficulties were resolved by March of this year. The directors decided to call un the second installment of £287,500 on the note issue and instruct the architects to draw up plans.

The directors had hoped that a contract for the building could have been let by the end of this year. When the restrictions came into force. Hay’s submitted that it had a strong case to go ahead with the project because it had already planned the building and raised the capital for its construction. However, the programmer decreed otherwise.

Meanwhile, Hay’s has asked its architects to continue with working drawings so that tenders can be called as soon as consent is given.