URBAN LAND SALES COMMITTEE

Press, Volume LXXXII, Issue 24905, 19 June 1946, Page 10

URBAN LAND SALES COMMITTEE

COLOMBO STREET PROPERTY Land values in the city—in Colombo street between Hereford and Cashel streets—were argued on Monday before the Christchurch Urban Land Sales Committee. The property discussed was the four-storey Glasgow building, permission for the sale of which was sought. Decision was reserved.

Mary Ann Redpath and John Alexander Bedpath (Mr F. P. Hill) sought permission to sell for £45,000 to Bruce Woollen Manufacturing Company (Mr J. D. Hutchison) the building, at 697699 Colombo street. The Government valuation was £34,085—£19,290 for the land and £14,795 for -the building. For the vendors the land had been valued at £26,250 and the building at £26,250. Argument on , the sale concerned values of other properties nearby, and special mention was made of a 10-ft right-of-way at the rear of the building which, it was claimed, added considerably to the value of the premises. Mr Hill said during the hearing that in affidavits prepared as part of a Supreme Court application to raise the rent, it had been said that the present net return was only 2.67 per cent, of the Government valuation. As at September, 1939, one valuer had put the value of the property at £43,000 and another at £41,786.