Sale like ‘blood out of stone'

Press, 11 June 1977, Page 1

Sale like ‘blood out of stone'

Two of the six properties offered at a liquidation sale for Pacific Syndicates (N.Z.) Ltd. were sold at auction yesterday afternoon, and a third was sold privately immediately after. The second property to be sold at auction went under the hammer only after some hestitation. and a discussion between the liquidator and the auctioneer. About 90 attended the auction, held in the grand hall of the Canterbury Chamber of Commerce. Bidding was slow and reluctant, and the auctioneer (Mr C. M. Robertson, of Sherris and Robertson) frequently expressed disbelief at the reticence of potential buyers not onlv to open the bidding but even keep it going. “It is like drawing blood out of a stone,” he said, after passing in one of the properties. “T know finance is tight, or you would all be in like big dogs today... I fee! like a-dentist extracting a tooth.” The six properties offered comprised three completed and tenanted multi-unit two-storev blocks of flats and three partiallv constructed blocks on a total of five sections on centra! sites in Christchurch. Both the properries sold at auction were the partiallv completed buildings, which Mr Robertson said would offer potential to the builders’ market. They were the last two lots to be offered. The first to be sold was a block of six uncompleted two-bedrootn units on a 25perch site at 17 Hevwood Terrace. It was sold for $61,000, after the bidding started at $30,000 and had risen slowly bv $5OOO, $2OOO, $lOOO. and $5OO bids. The second sale was of eight uncompleted maisonettes on a rear sire at HA Sherborne 9’reet. They brought $5> .000. af [ °r **'-• bidding started at sao nno and had risen bv $5OOO. $200(1. ard SlOOO bids. Mr Robertson said that, when completed, the mais- . -grtps should have a value of <tl 00.000. private sale was for $65,000.