DRAMATIC PURCHASE

Poverty Bay Herald, Volume LIX, Issue 17917, 22 October 1932, Page 7

DRAMATIC PURCHASE

HUGE SYDNEY BUILDING DEAL BY RADIOPHONE N.Z. COMPANY’S ACQUISITION (Elec, Tol. Copyright—United Press Assn.) (Received Oct. 22, 11 a. 111.) SYDNEY, Oct. 22. The tall Daily Telegraph building in the heart of the city was sold yesterday for £IOO.OOO by radiophone to New Zealand purchasers who are not disclosed. Such a thing lias never occurred before. The auction sale was in progress. Bidding started at £75,000 and ! rose to £85,000 in £SOOO bids, and thereafter in £IOOO bids. Then, dramatically, during the height of the excitement, a New Zealand radiophone call came for two men in the audience. A hurried conference occurred and the aactioneeer announced that the two men had become the purchasers on behalf of it New Zealand company :ti £IOO.OOO. Enthusiastic scenes followed, the buyers being greeted with good luck congratulations. The auctioneer had 'previously announced that a certain assurance society was prepared to advance £70,000 for 10 years at <>£ per cent, to tho purchaser or purchasers. Tho building, a most substantial 0110, is 150 ft. high, with a tower, and was built in HU3 at a cost of £135,000. Discussing the sale later, the auctioneer, Mr O. H. Hammond, said that this very property had been sold only live years ago by the Daily Telegraph Newspaper Company for £305,000, which showed what; a bargain the new 'purchasers had acquired. The unimproved value of tho land to-day was £78,000, while it would cost at to-day’s lower wages at least £150,000 to erect a similar building. it is understood that the purchasers intend to remodel the building and use it; for commercial purposes.