SHOPS AND SHOPPERS

Evening Post, Volume CXXII, Issue 67, 16 September 1936, Page 4

SHOPS AND SHOPPERS

LAMBTON QUAY AREA

VARYING POPULARITY

.Interesting information as to the degrees of popularity as shopping areas of sections of the city from Grey Street northwards was given in the Supreme Court yesterday afternoon, when the City Valuer (Mr. F. N. Martin) was under cross-examination in the proceedings that have been taken to fix the rental of a site at the corner of .'Lambton Quay'and Waring Taylor Street. The lessor is the Wellington City Corporation, and the lessee the Post and Telegraph Employees' Association, litigation being necessary because of the expiration of a twenty-one years'- lease, with the right of renewal. The assessment is asked for on ground rental. The case was continued today, the hearing being set down for three days. Mr. Justice Smith was on the Bench. Mr. J. O'Shea, with him Mr. J. R. Marshall, appeared for the Corporation, and Mr. C. A.-' L. Treadwell, with him Mr. -H, J. V. James, appeared for the association; i'V-.'.' ■'. ' • ;':«';U-:':'>: ■ The alleged inconsistency- of certain valuations was referred to by Mr. Treadwell in his : cross-examination after "The Post" went to • press. Mr. Martin admitted that in March, 1929, the -Government valuation of the Midland Hotel block was £38,000, and that he/:had ' assessed" the net value at £^f,04"8.i' On thatfigure he sought a rental of 5 per cent.; plus £500 for the'licence, but the arbitrators, fixed a rental of 4J per cent, on £40,000, which was i£ 1700 a* year. n ■JWtr. Martin agreed that there was a difference of the value, as a shopping area, of Waring Taylor Street and Grey Street; -he had no doubt that Grey Street was the better.. Mr. Treadwell: Would it be accurate to say that the.heart of,the ; Lambton Quay shopping.' area "is from Grey Street down ■ to Johnston Street?—l should say down to Woodward' Street. I. think, you will concede that the better'side is the western side?—lt used to be about twenty-five years ago; today I would say there is very little difference between the two. Mr. Martin said it could be taken that the shoppingVarea On the:.eastern side of Lambton; Quay' between Grey Street and; Panama SJree£\ras t of first quality—there'■■■-was" a: certainVamount of catch-irade from people going to and from; the Post Office. ' /shop rentals. Mr. Martin said he did not know from memory what rentals were being paid for shops in Grey Street. "Would you be surprised to know that £4 2s 6d is the highest price they can get?^ ~asked Mr. Treadwell. ... Mr. Martin: Jtist at the moment that might be' so,- -but; what "they; ■ going to get next'year. :migM be "different. Mr. Treadwell: .Do you know that the shops on the Lambton Quay fronts age between the T. and G. building and Harcourt's building are fetching £6?—lt depends on the frontage and depth. They should be bringing 10s a foot. In.reply-to.a question by Mr. TreadwellpMr. Martin said it;was quite possible that the rates on the site that was the subject of the proceedings had risen from £110 6s 4d in 1914 to £262 5s 5d in 1936. Mr. Gordon Harcourt, a land agent, called for the Corporation.: when the case was resumed today, gave evidence of rentals that were charged in various quarters for shops and offices, leading -~to what could be charged for rooms ■ in a new building that could be ertected Son the P. and T. site. ' Mr. Harcourt said there Was no space available in the new Commercial Bank of Australia building; dll the wspace for the upper floors having been '•'let at 5s 6d and, 5s a square foot. All the new space in the A.P.A. building had been let at 5s a square foot, and there was 1200 square feet of the old space available at the same price. The New Zealand Insurance Company in Featherston Street was letting its ispace at 4s 6d a square foot, and space ■was letting in the Prudential Building , fat 4s 6d and 4s a square foot, With an '■additional charge for cleaning rang;;ing from 6d to 9d a square foot. For 4000 feet of space in a proposed new building in Waring Taylor Street, opposite the P. and T. block, the agreed rental was 4s a square foot. Mr. Harcourt placed a rental of 3s 6d and 3s a square foot on space in a •new building on the site, and. said that jthat represented aboitf1 12s 6d a week :|ior a room. 16ft by : 12ft; 3s a, square ifoot represented, abotit 25s a-week for ~a room 25ft by 17ft. ;'■: A shop on the corner of Featherston Street and Waring Taylqr Street was let at £4 15s a week, continued. Mr. Harcourt, the next one at £3 a week, and a third shop at £2 ss; Small shops ;in both Panama Street and Brandon Street were letting at £3.10s a week. •*■ Shops generally on the western side 'at Lambton Quay were let at rentals liip to £1 a foot. "{"' Mr. O'Shea: That is what it was in iQueen Street, Auckland, thirty years ago. •;■; Mr. F. L. S. Turnbull, land agent and land salesman; also gave evidence. (Proceeding.)