PROPERTY MARKET

New Zealand Herald, Volume LXXIII, Issue 22406, 30 April 1936, Page 10

PROPERTY MARKET

ACTIVITY IN AUCKLAND A CITY TRANSACTION NEARLY £25,000 INVOLVED PARNELL AND ST. HELIERS Nearly £25,000 has been paid for the freehold of a city warehouse property at the corner of Lome and Wakefield Streets, the sale of which has just been completed. The vendor is Macky, Logan, Caldwell, Limited, but the name of the purchaser is not revealed. The property comprises a four-storey brick and concrete building, erected in two sections about 16 and 20 years ago respectively. There is a frontage to Lorno Street of 132 ft., and of 33ft. to Wakefield Street. When the leases of tho present tenants expire in between two and three years, it is understood that the new owner will occupy the building, after first renovating and altering it. Several other sales of city proijerty are stated to be likely in the near future. Australian interests are negotiating for the purchase of a central Queen Street block with a 40ft. frontage, and it is reported that if they buy the property they will erect a new building on the site. There a'so are strong inquiries for factory and warehouse properties, one small factory having changed hands this week. A factory site in Manukau Road, Newmarket, was sold recently to the Empire Box Company, of Wellington, whose present Auckland branch is situated in Wakefield Street. The purchase price was £l2,soo..After extensive renovations have been made and modern machinery installed the purchasers wilt remove to the new premises. The present, activity is not confined to city property alone, however, for several houses have changed hands in various suburbs. Sales are reported at Takapuna, St. Heliers and Parnell. The Parnell properties include a number of large houses which will probably be converted into flats. For each of these between £2OOO and £3500 was paid. A section of nearly two acres at St. Heliers changed hands a few days ago for £IBOO cash.