CITY LEASEHOLDS.

Dominion, Volume 5, Issue 1375, 28 February 1912, Page 4

CITY LEASEHOLDS.

BASIS OP VALUATION WANTED,

Wellington has a rich heritage in her mid-city properties which havo for thirty years or so been leased on long terms. One section of those interested are known generally as the Lambton leaseholders, and include most of tho properties in and about Panama, Brandon, and Peatherstou ■Streets, and parts of Lambton Quay. OlJier leaseholders occupy thoso lands between thoentranceto tho Qupcn's Wharf aud the Town Hall. Somo of these leases have fallen in, and havo been renewed, subject to a revaluation for rental purposes. It is understood that the basis of valuation that is being adopted by (ho council in certain instances has rather perturbed other leaseholders, the bulk of whoso leases are falling in about two years henco. Such is their case that they have formed themselves into an association, the object of which is that in making revaluations a fair and .equitable basis should be adopted. A meeting of the association was held in tho Chamber of Commerco yesterday (Mr, H. C. Tewsley in the chair), when it was resolved that tho matter of deciding on a basis ol revaluation should bo submitted to the Supremo Court—a course which lias ten agreed to by the City Council's solicitor. One leaseholder who is greatly concerned over tho very substantial increases which tlio council lias imposed in some of the leases which Lave been renewed lately, contended that an altogether illogical basis was adopted—that the council made tho new valuation on values that could hardly lie substantiated at tho present time. It was just as if there was one vacant section on Lambton Quay. That section, because it was the only ono left, and because it was clear of encumbrances, would be of especial value, but that would not bo tho case wero there twonty of such 'sections. They did not think that these leases should all bo put up as if they were all very special properties. As a matter of'fact, if they wero nil thrown on the city's hands at the present juncture the council would find it impossible to get what it proposed to ask except in somo special instances. But, of course, the place where a man had conducted his business for years beoamo an asset to him—not to anyone else in particular—and ho was loth to givo it up until pressed by circumstances, and the council should be careful at the present juncture, when business was not too bright, and there was n surplusage of offico accommodation in making fresh terms with faithful tenants. It was the very fear (lint Hie city authorities would not exercise that care Hint had decided them to go to the Court lor s direction as to the manner in which the council should define what was "a fair annual value."