CITY PROPERTY DEAL.

New Zealand Herald, Volume LXV, Issue 20074, 11 October 1928, Page 10

CITY PROPERTY DEAL.

SALE OF HOTEL AUCKLAND.

PRICE ABOUT £IOO,OOO. BOUGHT BY NEW COMPANY. Negotiations for the sale of Hotel Auckland were completed yesterday, the price being in the vicinity of £IOO,OOO. The purchasers are a new company to be formed arid the vendors, the estafo of the late John A. Endean, will retain a substantial interest in the new company. It is understood that no change will be made in the hotel management at present.

The property comprises a freehold site with a frontage of about 37ft. to Customs Street and of considerable depth, running through to Mills Lane. On this site is erected a seven storey brick hotel building, including about 60 bedrooms, etc. The section is L shaped, the foot of the L turning toward Queen Street, behind the building occupied by Hugh Wright, Limited. On this part of tho section a new wing is in course of erection, including large bars, a lounge, arid 70 to 80 additional bedrooms, ip each of which, under tho original plans-, hot and cold water was to be laid on. In addition to tho freehold site and buildings, the property further comprises the lease, expiring in 1932. from the Dilwortli Trust Board of the old Waitemata Hotel building on the corner of Queen and Customs Streets. Tho ground floor of this building was recently subdivided into a number of small shops. The purchase price also includes the licenco of the Hotel Auckland and the lease of the 12ft. entrance from Queen Street, next to the premises of Hugh Wright, Limited. This lease has six years to run. 1 Tho negotiations preceding the sale were conducted by tho co-executors in the estate, tho Guardian Trust and Executors Company and Mrs. Annie Endean.