BIG CITY PROPERTY IS OFFERED FOR SALE AT WELLINGTON.
(Special to the “Star.”) WELLINGTON, December 7. A valuable block of Lamb ton Quay property was submitted to sale by auction to-day by J. 11. Bethune, Ltd., this being the “New Zealand Times” office, standing on a site mostly freehold, but including three perches on a 999 years’ lease. The brick and concrete building contains 30,000 feet of floor area. The auctioneer, in submitting the property, mentioned recent important city property sales, including Te Aro House, Cuba Street, £65,000; Trocadero Hotel, adjoining “Times” property .at £41,000, equal to £B7O per foot frontage: Bristol Piano Co., Lambton Quay, £IOOO per foot. It was mentioned that only the Lambton Quay frontage of the New Zealand Times property is let, and that rentals amount to £ll3B per annum. Bidding commenced at £SOOOO in the presence'of a representative attendance of business men, and competition seemed keen at the opening, the price rising by £IOOO bids to £66,000, at which -figure the property . was passed in, and is available for private sale.
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https://paperspast.natlib.govt.nz/newspapers/TS19271208.2.48
Bibliographic details
Star (Christchurch), Issue 18332, 8 December 1927, Page 4
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176BIG CITY PROPERTY IS OFFERED FOR SALE AT WELLINGTON. Star (Christchurch), Issue 18332, 8 December 1927, Page 4
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