FLAT OWNERSHIP PLAN: COMPANY TO BE FORMED
(P.A.) WELLINGTON, This Day. Blocks of flats to be occupied by the owners and run on a profit basis are planned for Adelaide road, Wellington. When construction is .complete, there will be accommodation for 1600 persons. Similar schemes have been successful in Continental countries, but'this will be the first time such a plan has been undertaken in New Zealand. The Minister of Finance, Mr Nash, has given authority for the floating of a company with a nominal capital of £250,000 to go to allotment of £75,000. The City Council is to be asked to co-operate and invoke its powers of acquisition under _ the Housing Improvement Act, 1945, to acquire land. No commitments were undertaken by the City Council at its meeting last night, but it was decided to give the proposed company every encouragement. ______
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Greymouth Evening Star, 14 October 1948, Page 7
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141FLAT OWNERSHIP PLAN: COMPANY TO BE FORMED Greymouth Evening Star, 14 October 1948, Page 7
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