LARGE PROPERTY DEAL

Taranaki Daily News, 16 July 1929, Page 16

LARGE PROPERTY DEAL

VALUABLE CHRISTCHURCH BLOCK. Christchurch, July 13. Another huge property deal, in which the sale of the lease of the whole of Strange’s block in High and Lichfield Streets and the goodwill of the business formerly'carried on by Messrs. Strange and Co., Ltd., are said to be involved, was reported this morning to be on the eve of completion. It is freely rumoured that a new company has been formed to take over the property and that prominent members of the Christchurch Stock Exchange are behind the deal. The amount involved is said to be very considerable, but at present is not being made public and the intentions of the new company are also being kept secret. In the meantime it is understood that the whole of the buildings occupied by Messrs. Strange and Co., Ltd., with the exception of the one at the corner which has recently been remodelled and converted into an arcade, are involved in the deal. The block has a total frontage to High Street of 197 ft and to Lichfield Street of 130 ft. The sale of the property and business of Messrs. Strange and Co., Ltd., the first drapery business established in Christchurch, was effected through the agenev of Mr. Stacey in March last, and as a result of that deal Messrs. Strange "went right out of business. The freehold property and the whole of the stock and goodwill of the firm were purchased by ~ Mrs. M. M. Armstrong and Mrs. Fennerty, who subsequently sold the stocks to the New Zealand Farmers’ Co-operative Association, Ltd. . The total amount involved in the original sale and sub-sales were not made public, but it was understood to be in excess of £50,000.