Couple buys Chateau
PA Timaru The Chateau Timaru complex has been bought by a young Auckland couple for $200,000 from Perpetual Trustees. The new owners, Mr K. R. and Mrs C. A. Steele, will take possession of the premises within the next week. The purchase price includes the freehold of the two-hectare property, the restaurant-reception centre and the uncompleted motel unit block. Mr Steele, aged 29, and his wife have no previous experience in the restaurantmotel trade. They hope to have the restaurant-recep-tion centre working within a month. The Chateau has been closed since August last year when the mortgagees, Perpetual Trustees, bought the property for $192,400 at a mortgagee auction. They were then the only bidders for the property. Speaking ’ from Auckland yesterday, Mr Steele said he and his wife had “scraped together every cent" to buy the property. He said it was intended to run it as a family business. The .completion of the large motel block would depend largely on the profitability of the business, he said.
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Press, 7 May 1980, Page 6
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170Couple buys Chateau Press, 7 May 1980, Page 6
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