A COMMUNITY HOTEL

Waipa Post, Volume 32, Issue 1780, 8 July 1926, Page 5

A COMMUNITY HOTEL

TE KUITI SCHEME MATURED,

All the'financial arrangements in connection with the new company recently floated in *Te Kuiti to acquire the Grand Hotel block have been completed, and the directors have paid over the money to the natives for the purchase of the lease. The company has noAV taken possession of the block.

This is the largest deal in property ever recorded in Te Kuiti, and is ample proof that there are many people who have faith in the future of the town. With the exception of a few parcels of shares taken by people outside the town, the bulk of the capital has been subscribed locally. The present rentals derived from the shops and other buildings on the property 1 show a substantial revenue on the purchase price of the lease, enabling dividends to be paid to the shareholders, and allow a certain amount to be held in reserve.

The last of the sub leases expire in 1930. If circumstances warrant the outlay when these leases expire, it is yioposed to demolish f-6 whole of the present buildings, and erect an up-to-date hotel tmd modern shops on both the Rora Street and Sheridan Street frontages. The site acquired by the company is second to none in the town from a business point of view, and when the time is ripe for the building scheme there.should be an increased demand for shop accommodation, while an up-to-date hotel will be one of the town's best advertisements, especially amongst the many motoring tourists who are passing through the district in greater numbers every year.—Chronicle.