PRICE OF CITY LAND

Press, Volume L, Issue 14976, 25 May 1914, Page 10

PRICE OF CITY LAND

(PRESS ASSOCIATION TE-EGR.U-J

WELLINGTON, May 23. A business block, oOffc by 130 ft, in M_nners street, has been sold by the Grace Estate to Mr Robert Hannah. at the rate of £200 a foot, exclusive of buildings valued at £3000.

An indication of the value of land in the centre of Christchurch—Cathedral square—is given in the prospectus of the proposed new picture theatre, to be erected in the north-western corner of the Square. The prospectus statethat an option has been obtained to purchase the area at the corner of Cathedral square and Chancery lane, having a frontage of 64ft 4 inches to the Square, aud of 132 feet to Chancery lane. Arrangements have been entered into with a business man in the vicinity, under which he is to acquire a> frontage of 29 feet 4 inches to the Square by a. depth of about 122 feetalong Chancery lane. This will leave, for the purposes of the company, a parcel of land having a frontage to the Square of 50 feet by 132 feet deep, and a parcel having a frontage to Chancery lane of about 10 feet-, the cost being less than £10.500. This is equal to about £175 per foot for the two frontages, but, naturally, a greater sum would represent the value of the frontage to Cathedral square. j