IMPORTANT LEASE SALE.

New Zealand Herald, Volume LXVI, Issue 20375, 2 October 1929, Page 12

IMPORTANT LEASE SALE.

SUM OF £19,250 INVOLVED.

HARBOUR BOARD PROPERTY.

FREEZING COMPANY'S PLANS. An important transaction in a Harbour Board lease, involving £19,250, has been negotiated between J. J. Craig, Ltd., and tho Auckland Farmers' Freezing Company, Ltd.

At the meeting of the Auckland Harbour Board yesterday a formal request was received for the board's approval of tho transfer of tho leaso of tho property occupied by J. J. Craig, Ltd., at King's Wharf, to tlio Auckland Farmers' Freezing Company, Ltd., and of a sub-lease back to tho vendors of a portion of tho property. Tho price to bo paid was stated to bo £19,250. The matter was referred to tho Finance Committeo, somo members desiring information regarding tho terms of tho sub-lease.

The very rapid expansion of tho dairying industry in the Auckland Province lids mado it necessary for tho freezing company to acquiro more land in the immediato vicinity of its present freezing and grading stores on tho wharf, in order to extend its operations. The company has no immediate plans for buildiOg extensions, although it is proposed to extend its premises bofore very long. In tho meantime, tho buildings affected by tho lease will not bo much altered, but immediately tho Harbour Board approves the transaction a commencement will bo made with the laying down of further railway sidings. The freezing company will operate at King's Wharf a kerosene-driven onginc of a type new to Now Zealand. Tho lease expires in 1968.