NEW COMPANY MAY BUILD MARINA

Press, Volume CIX, Issue 31908, 8 February 1969, Page 16

NEW COMPANY MAY BUILD MARINA

(New Zealand Press Association)

AUCKLAND, February 7.

The Half Moon Bay Marina and its shops and service buildings might be built and run by a separate public company, the chairman of Unit Subdivision, Ltd (Mr R. D. Cox), told the annual meeting last night.

Unit Subdivisions would hold a substantial interest in 1 this company, he said, and 1 shareholders would be able to I participate. It was hoped that details j would be announced soon. , Most of the preliminary de- i sign work was done, but it ■ would take some months to complete dredging, which would begin soon. The company was also on , the point of obtaining approval for plans for the : Pigeon Mountain land de- i velopment, Mr Cox said. FINEST SITES This work should begin 1 soon. It would produce some of the finest cliff-top home sites in Auckland. Normal production was continuing on other blocks, and the first sales of Whiritoa Beach sections at Taupo Bay had been made.

Mr Cox said that figures from October 1 were very promising and ahead of those for the previous year. In view of the difficult period in the country’s economy and the wet winter, the directors were satisfied with the progress made last year. It took time before the bulk of profit on a new subdivision could be written up, Mr Cox said. Usually 18 months passed between initial planning and marketing. He announced also details of the $500,000 debenture issue which will open on February 24, with priority for shareholders until March 8. Interest rates will be 71 per cent for five years, 7} per cent for seven years, and 8 per cent for 10 years. This compares with 8 per cent, 8( per cent, and 8} per cent respectively in the $1 million issue made in 1967 which carried an additional 15-year term at 9 per cent. Oversubscription will not be accepted on the current issue. Mr Cox said it was the company’s practice to buy its land with a mortgage back to the vendors. During the last six months these mortgages had been substantially reduced by repayment as sections were sold. The debenture issue was made to replace working capital eaten up by these repayments and to finance the extension of the work programme.