CHEAP LEASEHOLD

Sun (Auckland), Volume II, Issue 475, 3 October 1928, Page 7

CHEAP LEASEHOLD

UNIVERSITY ENDOWMENT FOR A SONG FREEHOLD TO END FOLLY (THE SI X S Parliamentary Reporter) WELLING TO X. Tuesday. Surprise was expressed in the House of Representatives this evening when it was disclosed that 376 acres of the Auckland university endowment land Had some years ago been leased for 999 years at a total annual rental as low as eight guineas. This revelation was made on the appearance of the Auckland University College Amendment Bill which proposes to empower the sale of the endowment referred to. The Hon. R. A. Wright. Minister of Education, said that the lessee was anxious to secure the freehold and had offered, in addition to paying all costs, to pay 12£ per cent, of the purchase money to the university. It was a good bargain as the present rent was mere peppercorn rental. He did not know how such terms were granted in the first place as apparently the rent could not be increased. Mr. A. Harris: Is it proposed to sell the freehold? Mr. Wright: Yes. Mr. G. R. Sykes: It is practically freehold now. Mr. Wright said that the condition proposed was that the proceeds to the university should be reinvested. Mr. Lee Martin said that the position was that 376 acres were leased 16 or IS years ago for eight guineas a year. A voice: Good Heavens. Mr. Martin said that the property was right on the border of the lluntly township. Much of it was already subleased and the tenants wished to secure the freehold. He could not understand how the Lands Department showed such lack of foresight in the first place. Mr. W. S. Glenn considered that all educational endowments on pastoral land should be sold and the money be reinvested. Mr. H. E. Holland said that one could not imagine the sanity of leasing 37t> acres for 999 years at eight guineas a year. The Bill was read the first time.