SYDNEY PROPERTY DEAL
DAILY TELEGRAPH BUILDING PURCHASE BY AUCKLANDER Details of the recent purchase of the Daily Telegraph Building in Sydney were announced on Saturday by Mr. J. W. S. McArthur, of Auckland, on whose behalf the successful bid of £IOO,OOO was made at public auction on October 21. During the negotiations which led to the final purchase, Mr. McArthur made use of tho wireless telephone servico between Auckland and Sydney to send instructions to his Australian agents. Ths exchange position was responsible for a considerable reduction in the purchase price. Arrangements were made with an Australian firm dealing extensively in New Zealand commodities and as a result tho actual price paid for the building was £87,000 in New Zealand currency.
The building, which is 12 storeys high, with frontages of 106 ft. to Castlereagh Street and 77ft. to King Street, is to bo used for commercial purposes and plans are in preparation for improvements costing approximately £25,000. Space hab already been allotted to two New Zealand firms, the Investment Executive Trust of New Zealand, Limited, and the brokerage firm of V. |3. Mclnnes and Company, Limited, which is opening branches in Australia, with headquarters in Sydney.
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Bibliographic details
New Zealand Herald, Volume LXIX, Issue 21327, 31 October 1932, Page 11
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197SYDNEY PROPERTY DEAL New Zealand Herald, Volume LXIX, Issue 21327, 31 October 1932, Page 11
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