Extensive property purchasing by MFL Mutual Fund
Fund value now $5O million. MFL Mutual Fund, the nation-wide mutual investment fund, announce further property purchases in the Auckland industrial area. A warehouse and office building is to be constructed by Project Construction Ltd for MFL in Ascot Road, Mangere at a total cost of $420,000. The property is leased for 15 years to Red Seal Laboratories Ltd. Mr J. A. Hayes of Kirkman Real Estate introduced the parties. A large existing industrial property comprising showroom, offices and warehouses has been purchased at 960 Great South Road, Penrose, for $735,000. The property has been purchased from and leased back to Clyde Engineering Ltd for a 15 year term. Mr Harvey Starkey of Barfoot & Thompson Ltd (Otahuhu) negotiated the sale.
Another large existing industrial property has been purchased at Monahan Road, Mt Wellington from Mason Industries Ltd. The property comprises factory and office building which are-leased to Email Industries Ltd for a 15 year term. The purchase price of the property was $700,000 and Mr Ken Latham, Real Estate Agent, introduced the parties. A warehouse, showroom and office building is to be constructed by MFL at 477 Great South Road, Penrose, and leased to COMALCO Extrusions Ltd for a 12 year term. The expected cost of the complex will be $360,000.
Investments with the MFL mutual' investment fund are eligible for tax exemption and its earnings are tax-free. For every complete year since commencement MFL has credited members with over 10 p.c. tax-free and for the last three years the return has been over 12 p.c. p.a. tax-free. The Fund has experienced remarkable growth in the ten years of its existence. —• Advertisement.
Extensive property purchasing by MFL Mutual Fund
Press, 16 February 1980, Page 19
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