$265,000 bid fails
A top bid of $265,000 for the Elshatn Towers building at 162-164 Cashel Street, failed to reach the reserve price at auction yesterday, and the property was passed in. Elsham Towers (formerly Wardell’s Building) comprises more than 15,000 square feet of office suites and shots in five storeys plus a four-storey undeveloped warehouse area and a separate single storey.
According to Mr C. M. Robertson, the auctioneer for Sherris and Wilson, Ltd, the present Income for the property is $35,000 a year, and the potential income, with further development, $47,000 a year. About 15 people were present, and bidding started at $250,000, $55,000 more than the Government valuation.
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Bibliographic details
Press, Volume CXII, Issue 33046, 13 October 1972, Page 14
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111$265,000 bid fails Press, Volume CXII, Issue 33046, 13 October 1972, Page 14
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