MORE ORAKEI SECTIONS

Sun (Auckland), Volume II, Issue 526, 1 December 1928, Page 12

MORE ORAKEI SECTIONS

AUCTION OF THIRD SERIES FORTY-EIGHT TO BE OFFERED The third sale of Orakei Garden Suburb sections will be held on Tuesday evening, December 11, at the Town Hall. Forty-eight residential lots will be offered, and the reserves will range from £275 upwards. The offering will be fairly well scattered. Eighteen of the sections will face Coates Avenue or Fenton's Circus, and seven more will back on these and be in Paritai Avenue. Three more cliff-front sections will be offered, the only ones in the estate which have a frontage to Paritai Drive and are between the drive and the cliffs. Two of these sections are expected to provide the highest bidding. These are Nos. 253 and 254 on the plan published in the advertising columns in this issue. They have an uninterrupted and perfect view of the harbour, and should realise something over the £1.300 mark which bidders have set for other cliff-front sections in Paritai Drive. The lower-priced sections are situated on the more inland portion of the estate in Ngaiwi. Rewiti, and Kawau Streets, and it is on these that the lower upset rentals, or reserves, have been fixed. Out of the 90 sections previously offered by the Lands Department 49 have been sold so far, and the proceeds have amounted to about £46,000. The others are available at the reserve. This reserve is fixed by the Valuation Department, Surveyor-in-Charge. and officers of the Land Department. The prices fixed are not disclosed before the auction, but it is the intention of the auctioneer, Mr. David Smith, secretary to the Land Board, to advise the bidders and others at the next sale of these reserves immediately after the sale in the Town Hall, and buyers will be given the opportunity of taking the sections at the prices fixed if they are not sold at the auction. The terms of the sale provide that 5 per cent deposit must be paid, and the balance is spread over 34£ years with interest at 5i per cent, and 1 per cent, sinking fund. This means that if £2OO was outstanding after the payment of the deposit the yearly liability would be £l3, or 5s weekly. Other amounts would work out as follows: £SOO, £32 30s yearly, or 32s 6d weekly; £750, £4B 15s yearly, or 18s 9d weekly; £I,OOO, £65 yearly, or £ 1 5s weekly.