BANK OF NEW ZEALAND CORNER.

Press, Volume LXI, Issue 11954, 5 August 1904, Page 6

BANK OF NEW ZEALAND CORNER.

TO THE EDITOR OF THE TRESS. Sir.—l cannot agne with your correspondents in this morning's issue as to the mode of valuing the land icquiied lor widening Colombo ftrcct at the Bank of New Zealand corner. Firstly, they value it at £2CO per foot frontage on Colombo ureet. Why this frontage? The frontage would not be told, as it would be the fame -.fur the street was widened, and the Mivet being wider, the frontaire would be mote valuable. If the Council requiied the land for building purpo.v-s and ho deprived the B.ink of Colombo street frontage, there might be some justification in a**king for large compensation; but even in litis case I consider £200 per foot an exorbitant price, seeing the depth would be but 18 fret. A.«Mt is the Council are really asking for 18 feet of land on the Hereford street frontag<*. which at £100 per foot, a- most liberal valuation, would amount to £1830. Then there is no doubt that in any cara this building will, in tin* mar future, have to be removed to make room for more commodious premises. Why, therefore, should the Council pay the full value of th? present buildings? The Bank values the building at £9000, but it could bo removed 18 'fret back in its entirety for considerably less than half this amount. I would recommend the. Council to mako an offer somewhat on these lines. To purcharo 18 feet of land fronting on Hereford street and along Colombo street at. £103 per foot, to remove ti'.o. present building 18 feet back from Colombo street, and to pay the Bank £IGCO compensation for inconvenience. This would, I consider, be a lib?ral offer, especially taking into consideration ihe enhanced value of the sit-.* through the widening of the street.— Yours, etc., 3rd August, 1904. F.S.