Old mill and theatre sold
Wood Bros old flour mill in Addington has been sold to two Christchurch businessmen.
It was passed in at $205,000 at auction last Friday but was sold immediately after. The auctioneer, Mr Phil Alexander, of Sherris and Robertson, Ltd, said the auction had been very successful, about 70 people having attended.
Two active bidders had been joined by a third party in negotiations after the auction but the mill had then been sold to a fourth party, he said.
The Government valuation (1981) of the property, including the Mill Theatre, is $179,000. The land area (not including the theatre) is 4694 sq m.
Mr Alexander said the businessmen had bought the mill as a long-term investment.
A little more than half the area was leased, and returned $30,000 a year. Sherris and Robertson was the agent appointed to lease the rest of the building and was looking for tenants, he said.
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Press, 15 April 1986, Page 9
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156Old mill and theatre sold Press, 15 April 1986, Page 9
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