SALE OF SYDNEY PROPERTY.

Otago Daily Times, Issue 18424, 9 December 1921, Page 4

SALE OF SYDNEY PROPERTY.

£233,000 PAID. It is announced in the Sydney Morning Herald that shops with a frontage of 115 ft on Pitt street, and a depth of 170 ft, and another, shop in King street, had changed hands for the sum of £233,000. The property consists of the whole of a block, which has been held by Mr Stewart Dawson, the well-known jeweller, for the last few years on a 42 years’ lease, and it has now passed permanently into his hands. It consists of No®. 183, 185, 187, 189, and 191 Pitt street, and No. 105 King street. The Pitt street properties have a total frontage of 115 ft, and a depth of 170 ft, while the King street property has a frontage of 20ft, and a depth of about 90ft. The property was secured on a 42 years’ l«*aee by Mr Dawson some years ago, and there was a clause in the lease regarding the erection of J buildings. ! Mr Dawson stated to a reporter that, owing to the expensive nature of building operations et present, it would not have paid him to build on leasehold property. A favourable opportunity of securing the freehold Had presented itself, and he had secured the property for £233,000. Ho had purchased the freehold from the owners. Mr Dawson some time ago bought about one-half of the northern aide of the Strand Arcade. This property and that now purchased adjoin. He therefore now owns a big block of property bounded by the Strand Arcade, Pitt and King streets. During last month Mr Stewart Dawson celebrated the completion of his fiftieth year in ’business.