BACHELOR ROOMS.

New Zealand Herald, Volume LXVI, Issue 20303, 10 July 1929, Page 9

BACHELOR ROOMS.

NEW COMPANY'S PROJECT.

A company (o bo known as "M.tillio Mansions, Ltd., lias been formed for the erection ami conduct of a Mock of apartments of the two and three-roomed type, with a cafeteria in the basement, on a commanding site at the corner of Wellesley Street and Vincent Street. The company proposes to erect a modern building to contain flats, each with ila own kitchenette, dressing alcove and bathroom, completely furnished and equipped. Tho building will be erected to meet the public demand for single-roomed apartments for bachelors of both sexes, who have either to find accommodation in boarding houses with no separate conveniences ami i.ttlc privacy.

The directors are:—The lion. E. iW. Alison, M.L.C., chairman; Mr. W. J. llainger, merchant; Mr. James OsburncLilly, solicitor; anil Mr. A. 15. Bailor, all of Auckland. The company is offering 20,000 shares, 14,000 of which are now offering, ami for 10,000 of which applications have already boon received. Another 2500 shares will ho issued in about three months to defray the cost of furnishing and 3500 will he held in ruber.'! for future issue.

A loan capital of £20.000 is provided in first mortgage debentures of .1150 or multiple thereof, hearing interest at 7\ per cent, per annum, but with the right reserved to the company to pay off in fivn or tori years on three months' notice. Of (lie £20.000 debentures it is intended to issuo only £IO,OOO immediately and (he balance of £IO,OOO in about three won! h:<.

It is the intention of (ho company to pince-d with the project immediately. The. building will be six storeys in height, of rciui'iiced concrete construction with cavity brick walls, finished with facing brick, imitation stone dressings and tinted plaster insets. I hero will be oo complete 'compartments.