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PENINSULA LAND SALE.

SUCCESSFUL SUBDIVISION AUCTION. Tho New Zealand Farmers' Coop. AfsoOlation beld the largest Peninsula sub, division land sale that has tuken place ttoi. J.W at Duvttuobolle on Friday, when the.v Ofteiid the property of Messrs Mcllale Bub,, Of Upson Bay, consisting of 1097 acres 1 f jod 27 perches in four lots. The property ii mostly high, well watered country, uicU gaitable for suodiNi»ion, The lower sections Did at £21 p*r acre, on which the h_rn«Stead is Situated, being d.iiying country, and probably tbe purobbbtr fir whrm it ins -Ought by Mr W. ftln zies wiil i ( 0.,m 1; a Supplier to the l'i(.eon buj D.iij Factor}. With every subdivision of • tninßii'a land B_t QOW OOOUpiera gene ally devole Uie;r n.wly-acquiitd land to dairying, and in this — ay thit Peninsula cheese factoiies pisil;on 3. heoomiog stronger, and the Peninsula eutput every year heavier, Besides the sub division of lard, most of the large holders have let (be most suitable purls of ilitii holding, to dairying tenanis. The oockshot ar«_ ia diminishing in favour of the dairying industry, whioh ia (he more paying propusi tion with Pi ninsula land celling at its rretent falue. The property sold m Friday is mostly oapabe of a good deal of improvement. It is heavy bush country, and cocks foot covers its whole area. The buyers are •11 Peninsula men. Tho terms of sale were fi per cent, cash, 10 per cent. Ist January, j 1914, balance May, 1916, interest 5 per cent. Lot 1, 83 aores; lot 2, J95 aores 2 roods; lot 3, 181 acres; were Bggregaied; totalling 459 oorea 3 roods, nnd were the first offeieci The competition waß spirited for this piece, nnd tbe bidding rose from £11 to £13 per acre, at whioh time it was knocked down to Mr J. R. Thaoter, of Okain's Bay. This block ia all high country. Tbe second lot consisted of lot 5, 121 acres 2 roods; lot C (homestead block), 226 acres 2 roods ; total, 347 acres. The land is low country, situated low down in Pigeon Bay, and oloße to the Pigeon Bay Dairy Faotory. It includes the homestead, and was so d after spirited bidding to Mr W. Menzi*. at _2I per rc-e, (he bidding rising frcm £)7. The nf it lot i ff-red, lot 4, cf the original subdivision, ccnslstii g of 204 aore?, was passed in at £13 pc r aore. This block is high countty, midway between the first and second lots offered. The last lot offered has an aore of 25 acres 2 roods 27 petobes, and that also was passed in At £26 pc acre.. This lot is situated not from the Pigeon Bay wharf. The tale may be considered rs a most auooessfi 1 one, and, as the two lots passed in almost reached tbe cwneis' reserve they will probably come to terms. The 'whole property was, we understand, pnrchieed not many years ago at £8 or £9 per cere, so that an idta of tbe big jump there has been in land values during Ihe last fen or twenty yearj is xery marked.

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https://paperspast.natlib.govt.nz/newspapers/AMBPA19131209.2.3.2

Bibliographic details

PENINSULA LAND SALE., Akaroa Mail and Banks Peninsula Advertiser, Volume LXXI, Issue 4356, 9 December 1913

Word Count
521

PENINSULA LAND SALE. Akaroa Mail and Banks Peninsula Advertiser, Volume LXXI, Issue 4356, 9 December 1913

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