Council land open to speculation

Press, Volume CXIV, Issue 33687, 9 November 1974, Page 18

Council land open to speculation

Nothing precludes property developers or speculators from buying sections advertised for sale by tender by the Christchurch City Council.

Sixteen sections in : I what has become known 5 jas the Smith Street sub- ( [division, Linwood, are . being offered for sale to (anyone. !

The conditions of sale pro- ■ vide for the successful ten-1 derer paying 15 per cent of’ the purchase price within seven days; a further 25 per' cent before March, 1975; and: the balance in six six-’ monthly instalments before March 31, 1978. Outstanding money will bear an interest rate of 8 per cent. A City Council spokesman said yesterday that, there were 50 sections in the subdivision. It had been decided to sell 16 by tender because of a poor response to a ballot for the first 10 sections. The previous administration decided to sell the sections of from 59500 to $10,500 each to raise $500,000 to help peg rates. The sections are in Staffa Street and Arran Crescent. The conditions of sale show they are clearly not part of the previous council’s “housing assistance plan." Sections in that plan are in the. Kirklands Estate, 74 acres, south of Pages Road. The council spokesman said tenders closed on November 15. So far about

20 application forms had been asked for, and interest was not exactly overwhelming. He conceded speculators could buy the (sections “if there are any .left these days.”