SALE OF COBDEN HOTEL: PRICE FIXED AT £6500

Greymouth Evening Star, 21 September 1949, Page 2

SALE OF COBDEN HOTEL: PRICE FIXED AT £6500

The transfer of a hotel in Cobden from William Kells to a company to be ‘known as Kells’ Hotel Ltd., was approved by the Westland Land Valuation Committee, sitting at Greymouth this morning. The price sought, £6500, was approved, though it was indicated that in the event of a sale to a new owner, the fixing of a price would be made on a new I)3SlS»'‘ It was stated' at the hearing that a number of offers, some ranging to £lO,OOO, had been made for the hotel during the past few years. “Actually on the balance sheets, this deal is similar to that involving the Central Hotel,' and not much has been left to work on,” said the Crown representative, Mr A.’.E. Wogan. Mr C. R. McGinley, counsel for vendor, said that the company was being formed in order that the vendor’s assets could be gradually transferred to his five daughters and a son. He pointed out that the Cobden Hotel had been sold for £6OOO, and Kells’ was worth at least £lOOO more on account of its condition. “It is just a change in the name of the owner, and the Crown is not opposing it,” said Mr Wogan, , stating that a declaration concerning the purpose of the company had been filed. , Announcing the committee s consent, the chairman, Mr M. Wallace, said th'at when the property was sold to a new owner, the committee would have to.approach its valuation on another basis. An application in respect or another Grey district hotel was adjourned for hearing at Hokitika next Wednesday. This was by J. Dunn to sell a Blackball hotel to D. H. Manderson for £5750.