LAND VALUES IN THE CITY

Dominion, Volume 7, Issue 2266, 28 September 1914, Page 7

LAND VALUES IN THE CITY

EVIDENCE AT ASSESSMENT COURT.

The Assessment Court continued its sitting on Saturday. Mr. W. U. Itiddell, S.iU., presided. Hearing of evidence respecting the objection's to-' the valuations of land in the business areas of the city was concluded. . One of the last witnesses in these cases was Louis Henry Balfour Wilson,' land agent, who gavo evidence to the otfect that, with 47 .years' experience of the city (20 years as a valuer), his opinion was that some of the values now objected to were on the low side. Values in the business area had not depreciated ;. tbore had been a tendency to. increase.' The 1906 valuations had been too low. He thought that land on tho western side of Lambton Quay was worth about £400 per foot, and land on the other fide about £300 per foot. .He believed, that the reclaimed lawHeaseS' Would sell readily at valuation. It was hot a fact that shop rents had gone down. "When the evidence was' completed, the President. stated that the • Court would not give its decision till Friday next. ' . '■ ■ , : \ ■ ■ ■ v : Mr. Myers observed that if the valuations as.a whole were upheld it woujd Btill bo open to individuals-concerned- in* the general decision to pursue particular objections.' ' The President. rema-TheJ that the statement of the'position was correct. ; The Court then proceeded to hear an objection to ' the valuation of £9854 placed, upon the- Newtown Hotel property, on the corner of Riddiford' and Constable. Street: Mr. J. C. Peacock appeared for the objector (Albert E. Arkell). .... It was stated that £7500 would be accented for the property. ' After hearing- evidence the Court reduced the capital valuation to £7933. The Court then adjourned till 10 a.m. on Friday next. , .