LETTING BY AUCTION OF THE TRIANGLE SITES.

Globe, Volume IX, Issue 1254, 14 March 1878, Page 3

LETTING BY AUCTION OF THE TRIANGLE SITES.

Yesterday afternoon one of the most convincing proofs of the wonderful increase in the value of Christchurch property during the past few years was afforded. The occasion was the letting by public auction of several sections in the triangle fronting on High and Cashel streets. The advance which has taken place will be better understood when we mention that the letting price per foot of the land offered yesterday has been up to the present an average of about 10s per foot. When this is compared with the prices given below, it will be seen that Christchurch property has advanced in an enormous ratio. Mr C. C. Aikman wielded the hammer on the occasion, the sale being held in Mr Wilkin’s store, Hereford street. There was a large attendance, and the competition throughout was very keen. The lots offered included the right to lease, for a term of 21 years from the expiration of the present lease, the several business sites now in the occupation of Messrs Coombs and Son, W. R. Mitchell, Royse, Stead and Co., W. Pengelly, W. H. Davenport, and B. Simpson, having frontages to High and Cashel streets. The present leases expire June 30th, 18/8. and the conditions of sale included a proviso that at the expiration of the 21 years’ lease the buildings erected upon the land would be valued by an independent valuator, and the price ascertained paid to the tenants. It was also provided that, at the expiration of the 21 years’ lease, the sites would again be let by public auction for a further term of ten years. • # Mr Aikman having read the conditions of sale, proceeded to dilate upon the growing prosperity of Christchurch, which, in this respect was, he averred, second to no city in the colony. The increasing commercial value of central sites for business purposes, made the acquisition of such sites as those under offer an opportunity rarely to be met with. They were situated in the heart of the city, having frontages to two of the principal streets, and he trusted they would deal liberally with him and bid generously. Lot 1, being the corner block, having 25ft. frontage, on which stands Messrs Coombes and Son’s shop, Cobb and Co.’s office, and Mr Triggs’ shop was the first submitted. The opening shot was £3 per foot, which was speedily answered by a leading representative of the grain trade, and a spirited duel between him and a tenant ensued, the bids coming fast and thick in £1 and 10s shots, until £l3 10s was reached, at which price the tenant cried a go, and Messrs Royse, Stead and Co. were declared the successful competitors at £l4 per foot. Lot 2 comprised the piece occupied by Royse, Stead and Co., having a frontage of 20ft. on High street. This was started at £5 per foot, and quickly ran up to £ll per foot, at which price Messrs Royse, Stead and Co’s name was again written by the auctioneer. Lot 3 was the adjoining piece, having 20 feet to High street, and this too fell to Messrs Royse, Stead and Co., at £l2 10s per foot. Lot 4 was 25 feet to High street, on which is Mr Pengelly’a shop and that of a fruiterer. This was secured by Mr B. Simpson for £9 10s per foot. Lot 5, having 15 feet frontage to High street, occupied by Mr Davenport, was secured by Mr Scrimshaw for £lO 10s per loot. ' At the close of the sale, Mr Aikman submitted the lease of tliree quarter-acre sections in Kilmore street, near the Colombo bridge, having cottages, workshops, Ac., on it, rind all fenced. The lease had thirty years to run, the ground rent being £54 per year. After a keen competition, the lot was knocked down tq M r J. P- Jameson for £loo.^