KEEN BIDDING

Dominion, Volume 28, Issue 33, 2 November 1934, Page 5

KEEN BIDDING

Auction of Hospital Reserve Leases The sale of hospital reserve leases in Kitzherbert Terrace, this week, when the reserves placed on the sections were all largely exceeded, gave a good indication that the real estate market in Wellington is definitely on the upward trend. The property, before being subdivided. was one block measuring 264 ft., fronting Fitzherbert Terrace, with a depth of 372 ft,, approximately. It was formerly leased by Miss Johnson and was occupied by a large residence and grounds. Queen Margaret College is on the one side, and the former residence of Sir Harold Beauchamp on the other. It was in this house that the late Katherine Mansfield did much of her work.

The land sold by Messrs. Finch, Webster and Oswin, was cut up into twelve sections, and dividing them a new street was laid out, being 40ft. •wide, including sft. footpaths on either side and a strip of lawn the houses and the footpaths. The leases are for the term of 21 years, with rights of perpetual renewal thereafter for successive terms of 14 years. The accepted bids were the annual rentals of the sections. There was spirited bidding, and the keenest of competition, at, the Real Estate Auction Rooms, I where the sale was- held.. The sale-room was packed to the doors. It is understood that some of the around rents constitute a record. The following are the prices realised, the reserve prices being given in parentheses:—Section No. 1 (£5O) £6l, No. 2 (£53) £7B, No. 3 (£4O) £62. No. 4 (£45) £45, No. 5 (£33) £53, No. 6 (£33) £54, No. 7 (£33) £55, No. 8 (£3l) £45, No. 9 (£3l) £45, No. 10 (£3l) £42, No. 11 (£33) £4O. No. 12 (£44) £5B.