AUCKLAND HOTEL PROPERTY.

Star (Christchurch), Issue 10681, 30 January 1913, Page 4

AUCKLAND HOTEL PROPERTY.

FOUR BIG DEALS

[Per Press Association.]

AUCKLAND, January 29

Four big deals in hotel property have just been completed in Auckland, and the figures available indicate. the extent to which southern firms are-will-ing- to operate on the Auckland property market. Tho business negotiations referred to have been carried out by Messrs Speight and Co., brewers' of Dunedin, in conjunction with Massrs T. and W. Young, spirit merchants, of Wellington. Ten year leases have been secured by these two firms from Messrs W. and J. C. Gleeson, owners of the Windsor Castle Hotel in Parnell, and the Prince Arthur Hotel in Wellesley Street. As consideration for immediate possession a cash bonus of £IO,OOO has been paid to the owners, and the ten years' lease is to run at a rental of £IOOO per 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 Vulcan Lane passes into their hands at an even bigger figure. Four hotels have thus been secured by these two southern firms at a cost of nearly £50,000.