IMPORTANT SALES

Dominion, Volume 9, Issue 2866, 2 September 1916, Page 10

IMPORTANT SALES

OF CITY. PROPERTIES.

A< valuable property which has not been occupied ever 3mce it was reclaimed a quarter .of a century ago, or more has recently changed hands. This is the, corner Gcction at tho -junction of Customhouse Quay and Ballanco Street, near Messrs. Levin and Co.'s premises, which has been -used now and again as , a repository l'or street metal .gravel'and old timber. This, section, which has a frontage of 501't.' 6in. .to Customhouse Quay by oiie to Ballance Street of 90ft. Tin. on the one side'and 97ft. 9in, on-tho other, lias been for some years in tho possession of Mr. G. V. Shannon, formerly of. the.. firm of Messrs. Thompson, Shannon, aiid Co., and more recently employed in an expert capacity by the Customs Department. He has sold the block for about £10,000 to; the Commonwealth and Dominion Line," Ltd., a steamship company., which intends to erect a substantial block of-offices on-the site.

The. sale of this property casts a light on the ever vexed question of the value of laud in what is known as the.Lambtdn Reclamation Area, which contains a good deal of city household .land. When these sections come up for revaluation, the City Valuer's estimates are, as a rule, hotly contested in tho Valuation Court. It is, therefore, interesting to learn that tho section which, has now changed hands at £10,000 was valued only two years ago by ilr. Ames at exactly £4553, and less than two years ago that officer was being told in the Court that his valuations v.'crc cxcossiye.

Another valuable property which has recently ' changed hands is that largo three-story brick store in Featherstoiv Street, at the rear of Messrs. \V. and G. Turnbull and C'o.'s warehouse and offices, which was occupied by Messrs. Whitcombo and Tombs whilst their present factory was being built. This property has been sold by tho owner, Mr. Robert Turnbull (of Messrs. Turnbull and Jones) to a motor veliicli! company, .whicii intends to adapt it for the'purpose of its business. Tho price was about £12,000. Tho fact , that a good many big sales of property are taking place in Wellington just now 6peaks well for the confidence that pepolc have in Wellington property as air investment. As far as sales arc concerned, the market is now almost, if not quite, as lively as it was immediately before tho war, and the prices that are being obtained show no falling off, but rather an accretion in values.