Page 22 Advertisements Column 3

Press, 19 May 1984, Page 22

Advertisement Mutual Funds purchase more property Portfolio now at 114 MFL Mutual Fund, the property-based mutual investment fund, have announced the purchase of six additional properties, bringing the total of the investment properties held in their portfolio to 114. No. 109: At Colway Place, Takapuna, a new office/ showroom/warehouse of 905 sq m has been purchased for $395,000. The building is leased for a term of 12 years to Donaldson Engineering Ltd, a fully-owned subsidiary of Abacus Holdings, Ltd. Mr Geoff Short of Swann-Archer Real Estate, Ltd, introduced the parties. No. 110: At Drake Street, Auckland, a 1217 sq m office/showroom/ warehouse is being built for the Fund by Project Construction, Ltd. The total expected price is $815,000. The property has been leased to Takle Bros, Ltd for a 12 year term. Mr B. Cochrane of Akarana Real Estate, Ltd, was the Real Estate agent involved in the transaction. No. Ill: At Treffers Road, Hornby, Christchurch, a 2183 sq m office/warehouse is being built for the Fund by I. R. Atkinson Construction and is expected to have a total cost of $625,000. The property has been leased to Dunlop NZ, Ltd on a longterm lease. No. 112: At Treffers Road, Hornby, Christchurch, a 1033 sq m office/warehouse complex is being constructed for MFL by I. R. Atkinson Construction at a total cost of $420,000. The property has been leased for 12 years to Direct Transport, Ltd (subsidiary of Carter Holt, Ltd). No. 113: At Treffers Road, Hornby, Christchurch, a 1095 sq m office/warehouse building is being constructed for the Fund by I. R. Atkinson Construction at an expected cost of $410,000. The property when completed will be leased to Freight Haulage Ltd (a subsidiary of Southland Frozen Meat Ltd) for a term of 12Vz years. The Vendor of all the land at Treffers Road was Nationwide Nominees, Ltd. No. 114: At 331-333 Tuam Street, Christchurch, an existing office/warehouse building has been purchased from Fenhall Nominees, Ltd, at a cost of $395,000. The property is subject to a long-term lease to N.Z. Express Transport (Chch), Ltd. Mr P. Mangos of Pacific Real Estate, Ltd, negotiated the sale. MFL Mutual Fund has continuous funds available for the purchase of single tenant investment properties either existing or to be developed between $400,000 and $5 million in the major cities. Information regarding such property available should be advised to Robin Smith, Chief Executive, MFL Mutual Fund, phone 64-363, Christchurch.