CITY LEASES

Dominion, Volume 7, Issue 2165, 2 June 1914, Page 6

CITY LEASES

SET OF NEW AWARDS FRAMED BIG INCREASES IN RENTALS The arbitrators made their award yesterday fixing the rentals for a group of city leases on To Aro Reclamation, fronting on Victoria and Harris Streets. Tho arbitrators were Mr. C. B. llorison, K.C., for tho City, .Mr. A. S. Biss for tlio tenants, and Mr. C. Y. Fell, barrister, of Nelson, third arbitrator. Generally speaking, the rentals as tliey havo been determined show an advance of about 130 per cent, on the rentals for leases expiring, and they aro about £1 ner foot (or from 20 to 30 per cent.) below what witnesses called on behalf of the City fixed as fair rents. On bbftalf of tho tenants it was urged that tho leases should all bo renewed at tho old rental. Following are the sections concerned and • tho rentals, which wero agreed to by the arbitrators :— Section 6, Block 2, To Aro Reclamation, at the corner of Victoria Street and Harris Street, lessees Messrs. Briscoe and Co., Ltd., £5 per foot. Section 5,' in Victoria Street, same party, £4 os. per foot. Section 8, in Harris Street, • same party, £3 10s. per foot. This makes tlio tot-al rental for this holding £GO9 3s. 4d. per annum, as against tho' former rental of £255 10s. Bd. Sections 10, in Harris Street, Hay-bitt-le, Bristow, Townsend, and Paul, £3 10s. per foot. Section 15, also in Harris, Street, same party, £3 per foot. Ono of theso sections is 159 ft. deep, and tho other 131 ft. deep, henco tho difference in rentals. The total rental for tho holding is now £260 per annum, as against the old rent of £132. Section 1, Block 3, at the corner of Victoria Street and Harris Street, positc Briscoe's, Townsend and Paul, £5 per feet. This total rent is now £300, as against tho old rent of £114. Section 6, Black 3 (adjoining), Wilson and Saphir, £3 ss. per foot. Tlio rental of this section •is increased from £64 to £130 per annum. Tho total rentals now amount to £1299 3s. 4d. per annum, as against £565 10s. Sd. formerly • •