BIG HOTEL DEAL.

Taranaki Daily News, Volume LV, Issue 217, 1 February 1913, Page 3

BIG HOTEL DEAL.

WELLINGTON AND DUNEDIN FffiMS OPERATE. FOUR AUCKLAND HOUSES. Auckland, January 29. Four big deals in hotel property have jvst been completed in Auckland, and figures available indicate the extent to which southern firms are willing to operate on the Auckland property market.

The business negotiations referred to have been carried out by Messrs Speight and Co., brewers, of Dunedin, in conjunction with Messrs T. and W. Young, spirit merchants, of Wellington. Ten-year leases have been secured by these two firms from the owners, Messrs P. and J. C. Gleeson, of the Windsor Castle Hotel in Parnell and Prince Arthur Hotel in Wellesley street. As a consideration for immediate possession, a cash bonus of £IO,OOO has been paid to the owners, and the ten-year leases are to run at a rental of £ iOOO a year, or £SOO per house. In addition, the same firms have acquired the freehold of the Oxford Hotel in Victoria street for £IO,OOO and the Queen's Ferry Hotel in VuJsan Lane passes into their hands at even a bigger figure. Four hotels have thus been secured by these two southern firms at a cost of nearly £50,000.