THE ATHLETIC PARK.

Dominion, Volume 1, Issue 121, 14 February 1908, Page 8

THE ATHLETIC PARK.

TO BE SOLD. . COMPANY'S UNSATISFACTORY POSITION. ■ At a meeting of the Athletic Park Company, hold 011 Wednesday to consider its position in regard to the 'Wellington Rugby Union and other sporting, bodies who uso tho Rintoul Street ground, it was decided to call for tenders, for the purchase of the Company's interest in the valuable ' property known as the Athletic Park. It has long boen known that the Company's position has by 110 means boen a satisfactory one, as the returns derived from the letting of the ground have.only allowed of one dividend being paid within the last four yeprs, and two within tho existence of the Company — some thirteen years—and this in the face of tlio fact that tho Wellington Rugby Union's profits from the-ground during the past year totalled £900. It was supposed at one time that'tho Union would be . prepared to take over the Company's interest in tho property, but no ( reply was receivwl from that body to an 'offer to sell made by tho Company in December last, when a conference of both bodies was held; and'an idea lias been entertained that the Union has been withholding a definite decision in tho mitter pending tho possibility of its being able to make other arrangements for grounds elsewhere. This has forced the hands of the directors, who contend that the best solution of their difficulty is to dispose of the property to-the best-.possiblo advantage of those who have put money into the concern. The original capital of the Company was £2300, to which must be added debentures to the extent , of £3000, so that tho Company will'endeavour to realise in' round figures £5500, the assumption being that anything'over.and above that' sum will bo paid to share and debenture' holders as interest. , . -

The Athletic Park'property is'..held under the Native' Reserves Act .of ISB2, and is vested in the Public Trustee-as administrator for the Native owners. The Athletic Park Company holds the land on a 03 years' lease; with adjustment of ground rent every. 21 years. .'The. first adjustment';is due in about seven years, when it is' probable that a new lease will lie negotiated for. As the loan' has about fifty years to run, the conversion of the land from a recreation ground to building allotments-should, in view of its situation and character, be a., sound' business proposition;, for even in the!event of a reversion of the improvements, houses, etc., to the lessors, the interest on capital invested would be quite satisfactory, as the average life of a wooden building is'thirty-three years and that of a brick structure sixtysix' . years. , .. ... ■

With tho admitted paucity.', of recreation grounds and parks, it is highly regrettable that tbis line ground, situated so near tbe city on the tram-line, should be allowed to be built over, but unless the ,sports bodies como to the rescue its fate seems assured.

The Mayor expresses tliis regret, but says that the nature of the'trust renders it almost impossible for the City Council .to. make any'satisfactory arrangement/as . to its acquisition. 1 •-. WILL THE CITY BUY ? Reference was made at last night's meeting of tho. City Council to the proposed sale of-the Athletic Park. ' Councillor' Fletcher asked the Mayor if the Council intended to take to acquire tho Park> as a reserve for the city. He had noticed in the newspapers; that; tenders would shortly bo called for the property. It would, ho thought, be a pity if the Council missed the opportunity to purchase one of the much'neetled breathing spaces. ,- The Mayor replied that the matter would be looked into. ' ...