THE CITY'S WEALTH,

Dominion, Volume 2, Issue 469, 30 March 1909, Page 6

THE CITY'S WEALTH,

■•■ RECLAIMED LAND HERITAGE. LEASES FALLING IN. N ENHANCEMENT OF RENTAL VALtJES. Those property-owners, who reoeive the City Council rate demands every six months naturally hope that there ( will one day oome a happy time when the council will be in a position to call a check, if not announce a reduction in, the rate demand, and, indeed, this municipal millennium may not be so far distant as some pessimistic property-owners may think. Civic Wellington is destined to be wealthy, very wealthy, and that in the not so very distant future. It has a vast and valuable heritago in the Jand that the wise men of a previous generation annexed from the harbour. ■ - It occurred to a Dominion representative that an indication of what the city is heir to in a general way might be of interest. The Wellington of to-day does not in its geographical configuration resemble the .. "Wellington 0f,60 years ago , . Roughly, the foreshore of half a century ago traversed the line now preserved in Victoria Street, Lambton and Thoradon Quays/ so. that all land ■ seaward of those thoroughfares has been placed there by other hands than nature, and this consists of many broad acres, ..divided by fine streets, almost all' of which lead to the splendid permanent water-front that is the pride of the people. It is not proposed here to rehearse the history of ■ ',: Wellington's harboitr reclamation contracts, but merely to say •that the Lambton reclamation, commencing at a point opposite .what is now the junction of Willis Street : and Lambton Quay,, waa the first bit of water transformed to land, and by. the middle of the-sixties a, section of the reclaimed land, extending put to'a' point on the.pre- . sent harbour front in a line with Waring Taylor Street,.was completed. In the seventies the great northern half of the Lambton reclamation—that area of land which lies between Lambton and Thorndon Quays to the west and Waterloo Quay (the harbour front) to the east—was completed, and later—in ■'. the eighties—the Te Aro end of the harbour ,was annexed from the ocean. Leasing of Lambton Lands. . The people'of forty years ago were not so eager to take up the new reclaimed land on lease as might be imagined in these busier, . brighter days, but it must be remembered that Wellington was only a small, though rising town, and the fact , that its-rulers had ■ the "seeing eye" in the matter of the future demands of the place speaks 'volumes . ... for their foresight; but gradually the land reserved for the city was "taken up, and as the years rolled on and the city grew and prospered, the holders of those leases discovered, and are still realising, much benefit. But these leases—we are now referring to •the Lambton leases —now have a very short life, and the owners have with few excep- , tions agreed.to a revaluation for rental purposes at the end of the current term (to , avoid the contingency of competition which- . exists in the proper, Glasgow lease). The total area of land held on lease'is 3 acres 2 roods 24 perches, which are divided into 69 leasehold properties. ,Of these, 10 run out in 1913, 17 in 1914, and there are 11 leaseholds which extend,to 1926,, but which are to be revalued for rental purposes in 1914, and there are half a dozen due to pay more rent in 1915, so that within'five or six years the rents for these city jlands will be arranged on a new scale, and the city will be the immediate gainer ■. of a largely-in-creased revenue. . . The Luck of Lessees. In order to show what a heritage awaits the city in the near future, we asked a skilled , valuer to revalue all the Lambton leaseholds for rental purposes, , in order to show the contrast between the rents being paid today and what the owners, would have to pay jf the properties were at once revalued for • :: .rental : purposes. This interesting little ■ table shows at a glance the enormous disparity between' the past and the present, and indicates what a fine investment these city leaseholds have been to those who have retained them from the beginning. .In'publishing this information we have refrained from indicating the names of owners (who will recognise their leaseholds by the dimen T sions given and the amount of rent they are paying). The following table gives the particulars of 65 out of the 69 leasehold sections comprising a part of what is known as the Lambton ' reclamation, the estimated rent being calculated on 5 per cent, of the present-day value of the respective properThe Contrast.

With such an accretion in revenue the Wellington ratepayer may look forward with . confidence to the future for some measure of alleviation in the matter of rates.' The Te Aro Lands. Nor is this all. Wellington has a fine estate a little further to tho south, embracing all those lands between Victoria Street and Jorvois Quay—fine blocks of city lands covered with great warehouses and factories, in which are established some of the largest commercial concerns in the Dominion. The whole of tjhis area, without exception, _ia owned by tho city.—property that must in coure of time greatly increase in valuo. .A competent valuer states that tho rents for the Tβ Aro leaseholds would increase from 200 to 300 por cent, if tho revaluation took place to-day for that purpose. But these leases, in the majority of cases, do' not expire for some years. In two cases where big blocks are concerned, the teruis expire in February 1911, and' December, 1911, respectively. Most of them lapse about 1915 ■or 1919. Tho !&>?& °' tno ' an " no '" "J Technical Education Board does not expire until 1967. jThero are other caty blocks owned by Jk poople. '

■ ■■ - ■■•■' : - e ■ ' THE CITY'S WEALTH, ' —rr —-•-—: ... . ■ -.".■•■■ RECLAIMED LAND HERITAGE. LEASES FALLING IN. :' A ENHANCEMENT OF RENTAL VALtJES. ','■ Those property-owners, who reoeive the City Council rate demands every six .. months naturally hope that there, will one day oome a happy time when the council will be in a position to call a check, if not announce a reduction in, the rate demand, ' and, indeed, this municipal millennium may not be so far distant as some pessimistic property-owners may think. Civic Wellington . is destined to be wealthy, very wealthy, and ,- that in the not so very distant future. It ' has a vast and valuable heritago in the Jand that the wise men of a previous generation annexed from the harbour. ■ ■ It occurred to a Dominion representative that an indication of what the city is heir to in a general way might be of ' '■■■■■ interest. The Wellington of to-day does not in its geographical configuration resemble the .. "Wellington of,60 years ago. Roughly, the foreshore of half a century ago traversed the line now preserved in Victoria Street, Lambton and Thorndon Quays,- so. that all land . ' ■ seaward of those thoroughfares has been placed there by other hands than nature, and this consists of many broad acres, ..divided by fine streets, almost all' of which 0 .,-.- lead to the splendid permanent water-front that is the pride of the people. It is not '. proposed here to rehearse the history of '•_■.-'.: Wellington's harbour reclamation contracts, ... but merely to say •that the Lambton reclamation, commencing at a point opposite .what is now the junction of Willis Street ■ ■ and Lambton Quay,. was the first bit of water transformed to land, and by. the mid- • . die of the-sixties a, section of the reclaimed land, extending put to'a' point on the.pre- . sent harbour front in a line with Waring Taylor Street, was compleited. In the seven- ■.. >■ ties the great northern half of the Lambton ' reclamation—that area of land which lies ;. between Lambton and Thorndon Quays to the west and Waterloo Quay (the harbour front) to the east—was completed, and later—in , . .'. •■ the eighties—the Te Aro end of the harbour ,was annexed from the ocean. Leasing of Lambton Lands. ., ■ ■ The people'of forty years ago were not so eager to take up the new reclaimed land on lease as might be imagined in these busier, , ■.. brighter days, but it must be remembered that Wellington was only a small, though rising town, and the fact , that its-rulers had ■ the "seeing eye" in the matter of the future demands of the place speaks'volumes . ... for their foresight; but gradually the land reserved for the city was "taken up, and as the years rolled on and the city grew and • ... prospered, the holders of those leases discovered, and are still realising, much benefit. But these leases—we are now referring to •the Lambton leases —now have a very short life, and the owners have with few excep- , tions agreed.to a revaluation for rental purposes at the end of the current term (to \ ,. avoid the contingency of competition which ; , . exists in the proper,Glasgow lease). The total area of land held on lease'is 3 acres 2 roods 24 perches, which are divided into . 69 leasehold properties. - t Of these, 10 run ■-, out in 1913, 17 in 1914, and there are 11 leaseholds which extend,to 1926,, but which 1 are to be revalued for rental purposes in 1914, and there are half a dozen due to pay more rent in 1915, so that within'five or six years the rents for these city jlands will be arranged on a new scale, and the city will be the immediate gainer-, of a largely-in-creased revenue. . . The Luck of Lessees. In order to show what a heritage awaits the city in the near future, we asked a skilled , valuer to revalue all the Lambton leaseholds for rental purposes, , in order to show the contrast between the rents being paid today and what the owners, would have to pay if the properties were at once revalued for • -rental : purposes. This interesting little . ■ table shows at a glance the enormous dis-. parity between' the past and the present, and indicates what a fine investment these city leaseholds have been to those who have retained them from the beginning. .In'publishing this information we have refrained from indicating the names. of owners (who will recognise their leaseholds by the dimen T sions given and the amount of'rent they are ;, paying). The following table gives the particulars of 65 out of the 69 leasehold sections comprising a part of what is known as the Lambton ' reclamation, the estimated rent being calculated on 5 per cent, of the present-day value of the respective properThe Contrast. •'• ■ Area. Present rent. Estimated rent. ft. ft- ■ ' £ s. d. . '£. s. d.' 40 x 30 : • ; 48 0 0 200 0 0 ■' 40x30 27 0 0 200' 0 0 30 x 80 . 84 0 0 ; 247 0 0 35 x 80 " 89 5 0 262 10 0 '. 35 x 80 . 78 15 0 202 0 0 32.6 x 80 . 82 17 G 243 15 0 40.7 x 66 . 48 14 0 500 0 0 43.4 x 79 ■ 130 0 0 650 0 0 38.10 x 66.3 220 2 0 585 5 0 30 x 87 " ' ■ / 412 10 0 28.5 x 68.6 51 3 0 210 0 0 30 x 170 124 0 0" 525 0 0 70 x 85 280' 0 0 1250 0 0 70 x 85 35 x 85 68 0 0. 2C2 10 0 . ■ 35 x 85 78 15 0 350 0 0 70 x 62 274 10 0 602 10 0 ' 30 x62, 31 10 0 . 262 10 0 30 x 62 ■' 31 10 0 2G2 10 0 40 x 62 162 0 0 400 0 0 35 x 70 109 0 0 675 0 0 30 x 85 60 x 85 210 0 0 450 0 0 35 x 85 122 0 0 262 10 0 35 x 85 31 10 0 262 10 0 35 x 85 57 0 0 262 10 0 35 x 85 G5 8 9 • 26210 0 31 x 45 70 6 3 160 0 0 31 x 45 29 5 0 1 193 15 0 40 x 62 30 0 0 250 0 0 85 x 62 ' 150 4 10 550 0 0 29.1 x85 ' ' 47 19 6 186 0 0 35 x 85 77. 0 0 218 15 0 35 x 85 28 17 6 218 15 0 65 x 85 81 5 0 406 .8 0 ■ 65 x 62 33x200 ,. 30 x 85 206 1 0 1225 ■ 0 0 65 x 85 65 x 85 S2.7J x 08, 29 G G 155 0 0 40x70 70 0 0 450 0 0 30 x85 22 10 0 150 0 0 105x85 40 x 67 70 x 67 70x85 390 0 0 2585 0 0 70 x 87 . CO x 67 35x85 28 17 6 218 15 0 40 x 70 - M00 400 0 0 30 X 70 41 5 0 262 10 0 50 x 70 ' 165 0 0 470 2 10 -■ • 50 x 70 108 10 0 500 0 0 30 x 85 37 10 0 225 0 0 60 x 85 117 0 0 525 0 0 45 x 6G.10 / 208 2 6 450 0 0 40 x 66.10 160 0 0 35il 0 0 40 x G6.10 90 0 0 350 0 0 45 x 66.10 1G7 1.3 450 0 0 80 x 85 62 0 0 225 0 0 86 x 68 82 15 6 5GG 5 0 35 x 86.10 26 5 0 175 0 0 60 x 87.9 112 10 0 ' 330 0 0 30 x 87.10 20 0 0 300 ,0 0 59.7 x 78.6 551 0 0 600 0 0 5766 13 10 23,091 2 10