PROPERTY VALUES

Sun (Auckland), Volume III, Issue 927, 21 March 1930, Page 7

PROPERTY VALUES

ASSESSMENT COURT SITTING HARBOUR BOARD REDUCTIONS i That the rental value of offices Avas I being reduced owing to the large numj ber offering was a point brought out in evidence before the Assessment Court for the City of Auckland today. Mr. Wyvern Wilson, S.M., presided. The Auckland Harbour Board applied for a reduction on property in Quay Street, offices in the 'Ferry Buildings, and the fish market. Mr. FT. B. Burnett, secretary of the board, in evidence, said that'-the brick Avorkshops in Quay Street had not been put to any use since falling back into the board’s hands. Regarding the offices, many offices in Auckland AVere vacant and it AA’as impossible to let them. One office in the past had brought in a rental of £43, plus £7 rates, making a total of £ 50. He could not get that now and Avoulcl be satisfied to take £ 40. The court reduced the valuation of the Quay Street property from £G9O to £660, the fiA'e offices from £l9O to £162, and the fish market from £750 to £SOO. v / An opinion that land values had moved steadily doAvmvard since October, 1926, Avas given by Mr. T. Mclndoe in eA’iclence for the Auckland Amusement Park, Ltd. He the land i and buildings at £31,305. In giA'ing judgment Mr. Wyvern Wilson said the fact that the rent had been reduced from £2.000 per annum j to £I.OOO AA’as no criterion of the an- ! nual A-alue. The company AA’as e\’idently I not doing good business and had ap- ; plied for a concession and then again j for another reduction. He considered ! Mr. Mclndoe’s A’aluation of £31,305 a : fair A-aluation and AA'ould make the j rateable value 5 per cent. of that I figure, £1,565, a reduction from the • City Valuer’s estimate of £2,125. The court AA’ill continue hearing cases |throughout today.