CITY PROPERTY SALE

Auckland Star, Volume LXXVI, Issue 119, 22 May 1945, Page 2

CITY PROPERTY SALE

LAND COURT APPEAL

Consent of thq Land Sales Appeal Board (Mr. Justice Pinlay with Mr. W. E. Scott and Mr. W. Stewart) for the sale of a two-storey building in Wakefield Street to Monks and Co., Ltd., at £6000, was sought to-day by Childswear, Ltd. (Mr. Towle). The Auckland committee had fixed a price of £4435. Mr. S. T. Barnett represented the Crown. Mr. Towle said the property was sold in September 1943 for £6000, and again in June .1944 at the same figure. After the first sale £600 had been spent in interior improvement. The price of the land was agreed on at £1600, and different valuers had given different valuations of the building from £2530 by the Government valuer to £3929 by architects. After evidence of valuation had been given by F. L. Moodie and H. C. Savage for appellant, and by N. Wade and C. W. Chilcott. for the Crown, his Honor commented that appellant's evidence was as to replacement value while the Crown's evidence was as to sale value, which was against the appellant. Mr. Towle repiled that the property was bought in the open market some years ago for £6000, and had had improvements made to it. The Court reserved decision.