Property market

Press, 7 April 1984, Page 14

Property market

Two residential building sites at 46 Balrudry Street in Avonhead were sold at auction on March 24; the larger one, at 858 sq m, for $44,000 and the smaller one, 775 sq m, for $41,500. There is no Government valuation on the property because it was recently subdivided, put purchasers were offered easy terms; 10 per cent deposit, a further 5 per cent in the first month and the balance payable over a year at 5 per cent interest.

The sections, planted with mature shrubs and trees, were auctioned by Mr Phil Alexander of Sherris and Robertson, Ltd who said that about 60 people attended the sale. • • •

Langminnan — an 888.5 ha grazing and fattening farm in the Rakaia Gorge — was passed in at auction on March 29 for $925,000.

The property which carries more than 6000 stock units has a GV (1979) of $350,000. Improvements include a four-bedroom brick homestead with attached double garage and sleepout, a two-bedroom weatherboard home and a threebedroom concrete block staff cottage. Among the farm buildings are: a three-stand raised board woolshed and covered yards, haybams, implement sheds, whares, covered manure bin, store sheds, large cattle yards, sheep yards, and shower dip. The land is divided into 28 paddocks and 15 hill blocks; about 40 per cent of it is flat.

The auctioneer, Mr Hugh Morrison of Dalgety Crown, said that about 50 people attended the auction.

An industrial complex with office space at 154 Durham Street, formerly the premises of Motor Traders New Zealand, Ltd, was passed in at auction on March 28 for $270,000. It has a GV (1979) of $154,000 but the auctioneer, Mr Roger Stark of Wrightson N.M.A., said that it had been completely refurbished since the valuation.

The property, in two titles, is 768 sq m but, because the building is twostorey, total floor space is 1235.6 sq m. McSkimming Industries, Ltd, has closed its brick and pipe making plant at Glentunnel. The building was offered for sale at auction on March 29, but it was passed in for $65,000. The auctioneer, Mr Roger Stark, said that there was no GV because the property had been sub-divided off the original title. It comprises, on a 2.5 ha section, the factory an office block and an amenities block.

According to Mr Stark the auction was well-attended by local people because it represented “the end of an era.” The business had been going for more than a.century.

An 81ha bare land leasehold unit at Cust was passed in at auction on April 5 after failing to attract a single bid. The property, subdivided by hedges and near-new fencing into nine paddocks has a G.V. (1982) of $212,000. Cover includes grass, rape and stubble for second crop. The land is owned by the University of Canterbury and has a lease of 33 years from 1970 with 11-year rent reviews. The vendor offered 50 per cent finance at 11 per cent for three years. The auctioneer, Mr Hugh Morrison, of Dalgety Crown, said that about eight people attended the auction and that a private sale was being negotiated.