Commercial.

Wairarapa Daily Times, Volume 3, Issue 911, 29 October 1881, Page 2

Commercial.

Messrs T. Kennedy Macdonald & Co.'s Land Sale at Wellington.

There was a very !large attendance on Friday last at the sales held by Messrs T, Kennedy Macdonald and Co., the first of which commenced at 12 o'clock noon, at which the first property offered was the Lion Foundry, built on eleven sections on the Reclaimed Land, forming a compact block, having frontages to Waterloo-quay, Feathers-ton-street, Waring Taylor-street, and Custom House-quay, together with the plant in and upon the foundry, which was started at £IO,OOO, and was quickly run up to £15,000 at which price it was sold to the Hon C. J, Pharazyn. Lot 2,-Sections 129 and 130, Reclaimed Land, on which is erected the store now occupied by Messrs Mills and Co., was sold to Messrs Mills & Co. for £2500. Lot 13.—Hyde and Melbourne Villas, Thorn-don-quay, were quitted to Mr R. P. Collins for £220, Lot 4. Section 120 Turatahi Plain Block, containing 41 acres, was sold to Mr L. L. Harris for £BS. This concluded the list of|properties to beolfcred till 2.30 o'clock, when there was again a good attendance. The first properties offered were two houses in Holland-street, for which no bid was made. The property in Grant-road was sold to Mr Willcox for £SO. The next property, viz,, the stores lately occupied by Mr E. W, Mills in Hunter and Featherston-streets, excited a considerable amount of competition, being started at £5,000 by Mr J. E. Nathan, the next bid bringing it to £IO,OOO, and after advancing by £IOO bids, was knocked down to Mr Beauchamp, as agent for Mr Frederick Keep, of Birmingham, England for £11,600. The total amount realised was £30,815, The above proves beyond all dispute that land is no longer a drug in the market, and that anything that is worth buying will bo eagerly competed for by capitalists and business men, All the lots disposed of were subjected to keen competition, and ran up to prices which have been entirely unknown during the past three years, The total amount realised—upwards of £3o,ooo—is also the largest that has been received at any single sale since the reclaimed land was disposed of. The result is certainly a matter for congratulation.