BIG DEAL IN AUCKLAND HOTEL PROPERTY.

Manawatu Standard, Volume XLI, Issue 9405, 30 January 1913, Page 5

BIG DEAL IN AUCKLAND HOTEL PROPERTY.

(Pes Press Association.) AUCKLAND. Jan. 29. Four big deals in hotel property have just been completed in Auckland, and the figurfe available .indicate the extent to which southern firms are willing to o|>erat<» on the Auckland property market. The business negotiations referred to have been carried out by Messrs Speight and Co . brewers, of Dnnedin. in conjunction with Messrs T. and W. Young, spirit merchants, of Wellington. Ten-year leases have been secured by these two firms from the owners. Messrs P. and J. C. Gleeson, of tho Windsor Castle Hotel in Parnell, and the Prince Arthur Hotel in Wellesley street. As a consideration for immediate possession a cash bonus of £IO.OOO has been paid to the owners, and the ten years' lease rs to run at tho rental of £IOOO per year or £SOO per house. In addition, the same firms nave acquired the freehold of the Oxford Hotel in Victoria street, for £IO,OOO. and the Queen's Ferry Hotel, in Vulcan Lane, passes into their hands at even a bigger figure. Four hotels have thus been acquired by these two southern firms at a cost of nearly £50.000.