$1.1M for future car yard

Press, 10 December 1983, Page 9

$1.1M for future car yard

An “excellent” price of $1,140,000 was paid for the Christchurch City Council's former central city works yard at a public auction yesterday.

The industrially zoned South Belt Yard' will be used for a big development for used cars.

Mr David Heard, manager of Chancery Finance, Ltd, formerly Cooper Henderson Finance, Ltd, was the successful bidder for the 7184 sq m (1.77-acre) block

of land at the intersection of Moorhouse Avenue and Montreal Street.

He said that development of the site would begin immediately for what he described as the newest and most exciting concept in motor-vehicle merchandising seen in New Zealand. It was hoped the venture would be completed by August, 1984.

About 40 people attended the auction, organised by W. E. Simes, and Co. Ltd, and

Pacific Real Estate. The auctioneer, Mr Peter Cook, opened the bidding at $390,000. It rose quicklv in $lO,OOO bids to $BOO,OOO. Only two of the five bidders continued beyond this price.

The bidding quickly rose to $1 million and then went steadily to the sale price. Mr Cook said that both the successful bidder and the under-bidder were “competent” persons with

specific uses in mind for the land.

The land had sold "exceptionally well" and Mr Cook was pleased with the "excellent" price. No government valuation of the land was available.