VALUE OF CITY LAND SOME IMPORTANT SALES RHODES ESTATE UNDER THE HAMMER.

Evening Post, Volume LXXXIX, Issue 101, 30 April 1915, Page 2

VALUE OF CITY LAND SOME IMPORTANT SALES RHODES ESTATE UNDER THE HAMMER.

The Chamber of Commerce proved too small yesterday for the comfortable accommodation of all present at the offering of properties in the Rhodes' Estate. The sale was entrusted to four real estate firms, viz., Messrs. J. Hi Bethune, Harcourt, W H. Turabull, and S. George Nathan. Mr. A. Gellaily, of the first-named firm, conducted the sale. Particular interest was shown in the sale, as some of the pnv perties are situated in the very heari of the city in what might be called the Lombard-street of Wellington—that is, where the banks are situated. The most important property was three sections, which taken together resembled a crow's foot, with frontages (1) to Lambton-quay (43ft) nearly opposite the Rank of New South Wales j (2) to Fea-therston-street (54ft) at the side of the Union fiank ; and (5) to Greystreet (22ft), opposite the National Bank. The widths of the section* given are for the frontages ouly. The land has been vacant for some years— in fact, ever since they were swept by the great fire on Lambton-qiiay. They are all hold."The prices at which we can sell these properties," said Mr. Gellatly in his opening remarks, "have been very considerably reduced for this sale." There was a long pausfe when the three sections were put up in one lot. At last a bid of £20,000 was made, then £21,000, and finally £22,000. The lot was passed' in. The sections were then taken individually. The Grey-street lot began with a bid at £150 per foot, and reached £200 per foot, at which price it was passed in. The Featherston-street lot started at £200 per foot, and wa» passed in. at £220. Later in the sale, Mr Gellatly an nounced that Mr. S. G. Nathan liad cold the three sections eMbloc for £24,000. Mr. P. J. Griffin, late proprietor of tho Pier Hotel,, Wellington, was the puvchaser. The vacant sectioh otn Lambton-quay, at Mason's Steps, leading to Wellingtonterrace, wa« next offered. This ha* n, frontage to the Quay of 42ft Uin, and the width at the back is 58ft lin, the depth being 95ft on one aide and 107 ft 7in on the other. Bidding started at £200 per foot, and advanced to £230, but was passed in at that figure. An it'tvjgulai'ly shaped bkxsk, bounded by Cuba-street on one side and Cornnillstreet on the other, and situated ai the back of the old Opera. House and Ba.»k of New Zealand, T$ Aro branch, wa* 'knocked down to Mr. C. A. Brown (for Mesere. Macky, Logan, Caldwell, and Co., Ltd.) for £16,000. The ground is understood to be required for extension of the Wellington business. A small section in Bowen-street, upon which is standing a two-storied house, fronting Parliament House grounds, was sold for £950 to Mr. Kempthorne, a* agent. The section has a frontage of 34ft 4in to Bowen-street and a depth of57ft 3in on one side and of 63ft 4in on the other, The big section on Lambton-qua.y, containing two shops, one known as the "Golden Ruk. BaKaar," and immediately opposite Government Buildings, was passed in. Sections in Cuba-street and WakeneW-sttieet, opposite the Town Hall, also failed to reAch th& reserve, &1though bids reached £115 to £130 per foot, N . There was more interest shown in two sections "adjoining^ one facing, Fiteher-bert-terrace (occupied by the private residence of Mr. H, Beauchampi and the other facing Murphy-street. The first offer was £3500, and bidding went to £5750, at which price the property waa passed in. ( Mr. E. Jensen secured a section (106 ft 8m frontage) on Adelaide-road, nearly opposite the Caledonian Hotel, and containing three one-floor dwellings, for £2100. 8 *;The Grange,'' the late Mrs. Rhodes' residenco, and ite Bpacious grounds of 4 acres and 39 -perches, was at one time selected as a suitable residence for the Governor, but nothing came of it then and the new Government House wj* built at South Wellington. Bidding started at £6000 and went to £6500. at which price it stopped and was passed in; but it is understood that it will be sold in the course of a. few days. Bidding for the Wadestown sections did not reach the reserve. . The following properties are likely t* be sold privately :— The section at the corner of Lambton-quay and Mason's Steps, three sections facing the Town Hall in Wakefleld-street. and a section opposite Te Aro Railway Station. Negotiation* are also m train for the private sale of the other sections passed in. .In all yesterday's safe Tealiscd £42,050.