CITY PROPERTY.

Press, Volume LX, Issue 18237, 22 November 1924, Page 12

CITY PROPERTY.

SALE OF IMPORTANT BLOCK.

FOR SjTATE FIRE OFFICE.

The competition for property in the vicinity o£ the centre of the city continues, the sale of an important block to the State Fire Insurance Department having been effected.

The block referred to is the valuable property in Worcester street, owned by Mr E. F. Dorman and at present leased to the Dunlop Rubber Company. It has a frontage of 56ft by a depth of 165 ft to the valuable right-of-way which runs between Hereford and Worcester streets, and is, to all intents and purposes, a corner block, as the whole of the 165 ft to the right-of-way can be developed for offices or other accommodation. This is the first property purchased by the State Fire Insurance Department in the South Island, although the Department owns sevoral very valuable freeholds in the North Island.

The property is the more valuable to a Government Department because it is adjacent to the Government Departmental Offices, and this important fact was taken into serious consideration before the .purchase was made. It is understood that the price was in the vicinity of . £20,000, and the commission was entrusted by the Department to Ford and Iladfield, Ltd. This firm state that there has been quite a sustained activity in tho disposal of city i freeholds.