Page 12 Advertisements Column 1

Evening Post, Volume CVII, Issue 32, 9 February 1929, Page 12

SUCCESSFUL FLOTATION OF THE GRAND CENTRAL BUILDING, LTD., DEBENTURE-STOCK. Going to Allotment Monday Next. It -does not take long for the Now Zealand public to. recognise the soundness of investing money in property development in , the prosperous city of Wellington. The Grand Central Building, Ltd., formed to acquire and develop the extremely "valuable site on which the Albert.Hotel now stands at tho important, coiner of Willis and Bouloott streets, Wellington, 1 has had a successful' flotation. £ 25,000 of . tho debenture stock has already been applied for, and the directors go to allotment on Monday next, lltlr February. The nominal capital:of : tho company ,is £ 70,000, and the present offer consists of £40,000 7J,,per cent, second mortgage debenture stock. The intentions of the company include the erection of the Majestic Hotel and 19 important shops. The hotel is to; possess 185 bedrooms 'and cost approximately £90,000. It will, prove a. necessary addition" to' the : ifirst-class hotels of Wellington. Arrangementshave been made to leas-e the new hotel,, and' eager inquiry is being mado for tho shops. / It is not the intention of the Grand Central Building, Ltd., to engage in trade; it will derive its income from the rents of the hotel and shops. The prospectus discloses figures, showing tho large, margin,'in the security and estimating tho annual- rental that will accrue from the developments at £16,796 per annum, which after allowing for a sinking fund is more than twice the amount of first'mbrtgage and i debenture stock interest. Property investment such as this is not speculalive, and those who'are seeking such an investment should make- a note that the subscription list will rj G closing shortly. : .- '■..- ". Further particulars may bo obtained from tho N.Z. Underwriting and Development Corporation, Ltd. (P.O. Box 986), National .Bank' Chambers, Wellington, or Premier Buildings, Durham street, Auckland.—Adyt.