STRATFORD LEASES.

Taranaki Daily News, 21 March 1921, Page 8

STRATFORD LEASES.

DfPORTANT AUCTION SALE. HIGH PRICES REALISED. (From Our Own Correspondent.) Stratford, Saturday. An important auction sale of the railway leases in Stratford, fronting on Broadway Central, was held at the Parish Hall to-day by Messrs. Newton King, Ltd., instructed by the Minister of Railways. The hall was packed to the doors and contrary to expectations bidding was keen, nearly all of the twenty-five lots being sold at much in excess of the upset rentals. Prior to commencing the sale Mr. H. E. Abraham, Stratford manager for Messrs. Newton King, Ltd., read the conditions of sale and the agreement to be entered into between the vendor and purchaser. The ternTof the leases is for a period of 21 years with the right of renewal for a further term of 21 years, protection being given for impovements effected by the puchaser. Mr. Abraham said the sale was a most important event in the town of Stratford, because they had at last attained what the Borough Council, Chamber of Commerce and other bodies ha'd been striving for for many years. The Railway Department had now given a lease which was excellent in every way and the people could erect buildings which would be a credit to the town. A lease was not as good as freehold, but in Wellington and Auckland some of the principal buildings were erected on harbor board and municipal leases. Mr. Abraham added that at the present time there was a financial depression, but the purchasers of the leases should look ahead for 12 or 15 years and see wluft vast progress could be made in that time. He admitted that the upset prices seemed high, but in years to come the leases would constitute an excellent investment in every way, particularly as there was absolute Tight of renewal for a further 21 years at the then unimproved value. Mr. M. Dennehy, railway land officer, answered a number of questions regarding the leases. He said that having regard to the difficulties of building at the present time the department had allowed the existing buildings to remain and the present boundaries had been taken in nearlf every case.

Bids of £1 were accepted above the upset prices, and competition was keen from the beginning, the sale commencing with Lot 10. Mr. W. Power, as agent, and the Stratford Borough Council were the most frequent bidders, and in most cases the high prices were due to their competition. Several of the existing tenants who were unable to go above a certain figure for the lots they were interested in were unsuccessful and may have to seek other premises. The Borough Council, after bidding unsuccessfully for several lots, eventually purchased Lot No. 29 for £92, the upset rental being fixed at £75. It is the intention of the council to use the site for the purpose of a women’s rest room. Following are the details of the sale, the present occupier, upset rental and frontage to Broadway being also given: Lot 10 (formerly occupied by E. G. Foster, boot importer), £135; 27.6 x 60.—W. E. Jones as agent for Margaret Jones, £154. Lot 11 (Garrett E. Wilson, furnisher), £O5: 19-3 x 50. —W. E. Jones as agent for Margaret Jones, £lO5. Lot 12 (W. Beaumont, caterer), £100: 20.3 x 50—W. E. Jones as agent i for Margaret Jones, £lOO. Lot 20 (Vela and Co., restaurant proprietors). £130; 24 x 66.—5. Pirac, C’2o2. Borough Council next highest bidders. Lot 21 (S. Sharp, hairdresser), £76; 15 x 66. —Frank Veale, £llO. Lot 2-2 (Bellringer Bros., ironmong--1 ers), £185; 36.2% x 66.—Bellringer Bros., £l'Bs. No competition. Lot 23 (T. I. Lamason, auctioneer), . '£100; 19.1 x 66. —T. I. Lamason, £ll6. Lot 24 (T. I. Lamason, auctioneer), i £100; 20.9 x 66.—John Orr, £l3O. i Lot 25 (Cannon and Pemberthy, butchers), £95; 19.6 x 66.—McDonald Bros., for occupiers, £125. Lot 26 (Foley and Jago, land agents), £95; 19.6 x 06—G. E. Jago £ll2. ’ Lot 27 (Union Bank). £115; 23.9 x Of? —w. Ppwer (as agent), £l3l. The bank way outbid at £l3O. Lot 28 (A. Moon, fancy goods dealer), £80; )6.8 x 66.—A Moon, £9O. Lot 59 (A. S. Davis, caterer), £75; 15 x 66.—Stratford Borough Council, £92. Lot 30 (J. W. Dodd and Co., cycle dealers), £100; 21.7 x 66—P. C. Price, for occupiers, £l3l. Lot 31 (A. Manoy, draper), £175; 37 x 06.—A. Manoy, £225. Lot 32 (*F. Cook, pork butcher), £7O; 15 x 06—F. Cook, £95. Lot 3 (David and Co., fruiterers), ] £75; 17.6 x 66.—W. Power (as agent), £lO2. Lot 34 (billiard saloon), £75;-17.10 X 66.—W. Power (as agent), £lOO. Lot 35 (C. H. Fox, music dealer), £7O; 16 x Power (as agent), £lOO. Lot 8 (Co-operative Store, Co., Ltd.), £150; 30 x 66—Co-op Store Co., £lB5. Lot 7 (Co-op Store Co.), £9O; 18.8 x 66.—C0-op. Store Co.. £lOO. Lot 4 (Empire Hotel), £300; 52.6 x 90. —Mrs. Fitzgerald, £3OO. Lot 3 (hotel yard). £120; 40 x 99. Mrs. Fitzgerald, £l2O. Lot 2 (Farmers’ Co-op. hide store), £120; 40.6 x 99.—Farmers’ Co-op., £l2O. Lot 1 (Farmers’ Co-op.), £110; 44 x 99. —Farmers’ Co-op., £l2O. It. is estimated that with the rental for the post office site and other sites the .Railway Department will receive approximately £4OOO for the leases per annum, as compared with about £BOO at the present time. The total amount of the rentals to-day was £3350, the upset value being £2835.