Shortage Of Money Halts Flats Project
"The Press" Special Service WELLINGTON, December 8. The construction of Jellicoe Towers, a block of flats on The Terrace, Wellington, has been temporarily halted because of finance difficulties.
The general manager of Williams Development Holdings, Ltd., Mr C. M. Wright, said the halt had been called “because of a failure of mortgage arrangements.” Flat construction had to be financed in much the same way as ordinary home building, and building and financial restrictions had created difficulties, Mr Wright said. Williams Development Holdings has recently opened an issue of £350,000 registered debenture stock at up to 8 per cent for a seven-year term.
Mr Wright said this issue
would be used to consolidate finance of the Williams Parking Centre and it was not planned to divert the money to Jellicoe Towers.
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Bibliographic details
Press, Volume CVI, Issue 31238, 9 December 1966, Page 18
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136Shortage Of Money Halts Flats Project Press, Volume CVI, Issue 31238, 9 December 1966, Page 18
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