CITY LEASEHOLDS

Dominion, Volume 8, Issue 2334, 16 December 1914, Page 6

CITY LEASEHOLDS

ARBITRATION ON NEW RENTS. . The City is very materially concerned in the sitting of the private assessment court which met yesterday in the Accountants' Chambers to hear evidenco .and decide oil the rents to be charged by tho City Corporation for several of the Lambton leaseholds, the rents of which are due for readjustment.' In each case the Court consisted of two arbitrators (one representing the ; City and • the other the leaseholders), and an umpire mutually agreed upon. Messrs. C. B. Morison and H. F. Von Haast appeared for the Ctiy in different cases, Messrs. Wm. Hannay and A. S. Biss for the leaseholders, and Mr. W. Ferguson, was tho umpire chosen- in each case. Messrs. A. Gray and John O'Shea (City Solicitor), appeared as counsel for the City Corporation, and Messrs. C. P. Skerrett and L.. Tripp for the leaseholders. Mr. P. Levi appeared for the Union Steam Ship Company, and Mr. T. Hislop for W. H. Turnbull and Co. . . . The lessees affected are-: —W. H. Turnbull and, Co., Panama Street; George and Kersloy, Skerrett and others, -D.1.0.j and Irvine and Stevenson, Brandon Street; Kirkcajdie,and Stains', S. Brown and Co., Union. Steam Ship. Company, Johnston Street; Union Steam Ship Company,' Customhouse Quay; J-, H. Bethune and Co., Murray, Roberts and Co., J. Routh, J: B. MacEwau and Co., and the Wollesley Club, in Featherston Street.

The most important witness for' the corporation was Mr. James Ames, (Sty Valuer, who, in the course of his evidence, stated that the rentals for the Lambton leaseholds had been fixed by making a conservative value of tho land, deducting 10 per cent, therefrom ana charging that amount with 4} per cent, (instead of the usual 5 per cent.) for ground rent. Mr. Anns said that the land was valued by him at so much per foot frontage, and- on that valuation the 4J per cent, was imposed. He said that in the case of Rowley and Gill's section in Featherston Street the value of the land was £185.per foot; A. D. Kennedy and Co., £180 per. foot; and C. H.lzard, over £200 a foot. The per cent, on those values were the leaseholders' own tenders, and as his now valuations for the leasehold sections now under reveiw wero all under those quoted, he maintained that they were conservative. Where freeholds.had boon bought, higher prices had been paid. Dalgety aud Co. had paid £200.per foot and the Royal Insurance Co. £227 per foot. In no single instance, from Stewnrt Dawson's corner down to Wariujt Taylor Street, l.ad less than £200 per foot been paid in recent years, and maintained therefore that his valuations for rental purposes _ were most reasonable. If tho properties concerned were offered to-morrow at the prices lie had valued them at the lessees would all jump at themThe Court will resume its sittings at 10.15 a.m. to-day.