VALUE OF LAND

Dominion, Volume 24, Issue 105, 28 January 1931, Page 14

VALUE OF LAND

Asking £75 a Foot

LOWER HUTT PROPERTY

Some idea of the value of laud in certain portions of the main street may be gathered from the, fact that the Lower Hutt Borough Council purposes asking £75 a foot by a depth of 80ft. for a frontage of 120 feet opposite the council chambers. Should the council be successful in effecting a sale the property will bring in £9OOO. The allocation of this sum, or any sum, from a sale, was the subject of a few minutes’ discussion at the last council meeting. It was stated that the land Was originally bought by the council out of revenue and was earmarked as a site for a town “In the event of a sale taking place,” said Councillor Hobbs, “we would have to decide the purpose the money should be put to.” In his opinion it should go toward paying off the principal sum (not the payment of interest) of some loan liability of the borough. ' The suggestion was favourably received by the other councillors, and the Mayor, Sir Alexander Roberts, said he would like to see it put toward reducing the £20,000 loan for street widening. A resolution to that effect was carried unanimously.