COMPENSATION CLAIM

Dominion, Volume 13, Issue 23, 22 October 1919, Page 2

COMPENSATION CLAIM

MERCER STREET LAND ACQUIRED BY CITY COUNCIL A claim for compensation under the Public Works Act, 19U8, came before U'o Supremo Court yesterday alteruoon. "His Honour the Chief Justico (Sir Robert Stout) was on the Bench, and with him were Messrs. W. M. Haniriy (assessor for tiio. claimant) and T. M. Wilford (assessor for the respondent^. This was a'claim for compensation brought by Mr. W. A. Choto against tins Wellington City Corporation for land taken, the property being at the corm : r of .Mercer Street and Victoria Street, now called Wakefield Street. The 1-url lias a frontage of 100 ft. to Mercer Sticct and a frontage of 101't. 2in. to Wnkciield Street, the depth varying from Tfll't. to 85ft., the mean depth being Ulift. and the area totalled 0012.9 square feot. Air. T. Young appeared for the claim* ant and Mr. J. O'Shca for tho City Corporation.

Mr. Young, in opening, said that Mr. W. A. Chute held a leaso with a purchasing clause, and some years ago deliberately purchased the property as an investment. Their valuers valued it at JilOl) to .£l7O per foot on tho Mercer Street frontage. The property adjoins Cooper's Building, and this properly was purchased at .£313 per foot on the Willi* Street frontage. Of course they did not claim that Mercer Street was as good as Willis Street, but they did contend that it was better than Victoria Street.

W. A. Chote, the claimant, said ho had a lease of the property prior to buying it. The lease was from the Ilearh Estate, and witness had been on tho block for about thirty years. lie purchased tho property abont 1897, and ho bought it for an investment. Some of tho buildings on the land wero not mora than ten years old. In 11)011 he was approached by a land agent who wanted nil option to purdhase; witness, however, declined to sell, but offered a long leaso oil'the btiiis of-4i per cent, on XICO net foot oii the Mercer Street frontage, lie valued the land at JJlliO per foot, and the buildings on the land at .£3500. The average gross rental that he had obtained during the past three years was about .£SOO lie'r annum.

C. J.'S. Harcourt, land agent, Enid he valued the land at the least at .£l5O per foot on tho Mercer Street frontage, ilio buildings would be iu addition.

Stanie.v George Nathan, land agent, said ho valued the laiicY* itt ,£l5O per foot on tlio Mercer Street frontage. If tlio land were placed in his hands for sale ho would expect to get JL'l3O per font .for it.

L. 11. D. Wilson, land agent, paid ho valued the property in .June, 1!)1G, and placed the -.value at ,£l5O .per, foot on the .Mercer Street frontage, and ho-still .valued it at that price and considered that the land would sell readily at.that figure. .

11. C. T?«wncr, land agent, valued the land nt AiCO per foot on the Mercer Street frontage.

■A. A. Gjdlatly valued the land at .£l5O .per foot in H'lG, and thought, it would be worth 5 per ..cent, more now beeauio there was a better market for- properties.

.toim Matthews, builder, said he rained' the' JiUildinifs on Cliote's property at .£•2810 5«.; the value five .years ago.'VMabout ,£IBOO. The building; was in very good ..condition, at the presept time. .Mr. O'Shea, in opening fur the corjioia-. tion. said that the compensation cla.i:ncd bv .Mr. Oliote was ,£1!).500. The corporation had offered ,£10,500, while the Government valuation was X 0570, the sum of-.£ooo being allowed for the buildings. Ho .would show that sales of property in. AYillis and Manners Streets were on the basis cf the Government valuation, nnd.'.he, n'onld also show by values of neighbouring properties that., the corporation's ofFc-r for Mr. dhole's properly was a very fair one. Mereer Street was not a retail street like , Willis Street ur Manneis Street.

Tue members of the Court arc to visit the property, and the further hearing of evidenr.o will be taken this morning.