SALES OF FARMS

Gisborne Herald, Volume LXXII, Issue 21753, 30 June 1945, Page 4

SALES OF FARMS

SUBSTANTIAL FIGURES valuations' reviewed TWO PROJECTS APPROVED Four applications heard by the Gisborne District Land Sales Committee at its silting yesterday concerned projected sales of farms, the largest transaction being a sale involving 1450 acres at Whakarau recently valued at £12.220 for death duty purposes, and changing hands at that figure. The court approved this sale, the purchaser being an ex-serviceman. In another instance, concerning 1587 acres at Ruatoria, the agreed price was £4675 and the purchasers were two adjoining Crown tenants who required additional land to increase the working value of their leaseholds. The property has no buildings on it, and taken on its own is regarded as a doubtful economic proposition. The committee approved the sale at the agreed price. When counsel for parties to a projected sale of a farm of 2Gj acres at Makauri, at an agreed price of £2600, was asked to comment on the special Crown valuation of £2200, he asked for an adjournment to enable private valuations to be submitted. The adjournment was granted.

There was also a marked difference between the agreed price and the Government valuation in the case of a farm on Riverside road, the parties having agreed on £1326 and the Crown valuation being £BBS. The property was classed as not suitable for settlement of a returned serviceman, and included 15 acres of steep hillside; all except 21 acres of the property was subject to a lease expiring in 1947. The committee took the unusual course on this occasion of viewing the property, and finally fixed the failvalue at £IO6O. Allowance for Repair Work

A repatriation loan proposition at Frasertown, in which the Crown is wholly financing an ex-serviceman in the purchase of a house and eight acres at an agreed price of £IOOO, was approved by the committee. The purchaser is to receive additional assistance from the Repatriation Board to make essential repairs and to treat the house —a very old one—for borer. Other transactions approved were: Sale of house with 1 acre, Lytton road, agreed price £1350, special Crown valuation £1295, approved at £1325; sale of section, Richard street, Opotiki, one acre, agreed price £l2O, rating valuation £115; house property, Wainui beach, with lrd. 2per., agreed price £1075, special Crown valuation £1080; lease of section, Victoria street, Opotiki, 1 rood, agreed rental 15s per annum, plus rates; sale of section, Brabant street, Opotiki, lrd. Gper., agreed price £65, value based on aporoved price of adjoining section sold March 19, 1945; section, Upper Stout street, lrd. 15per., agreed price £4O, rating value £65; section, Makaraka, 3rds., agreed price £6O, rating valuation, £55; sale of house, upper Palmerston road, with 23per., agreed price £SOO, value based on last sale (September, 1944), plus improvements since; section, Clifford street, lrd., with sewerage connection and garage, agreed price £270, special Crown valuation £270; section, Cook street, lrd. sper., agreed price £IOO, including value of sewerage and water connections; house, Stout street, witfy lrd 12per., agreed price £1450, price identical with that approved for same property on last sale, May, 1945; house. Hospital road, with 29per., agreed price £550, rating valuation £715; house, Upper Stout street, with lrd. 9per., agreed price £370, rating valuation £520; house, Ormond, with 1 acre, agreed price £BOO, fair value fixed at this figure on May 31; house, upper Childers road, with 30per., agreed price £IOSO, special Crown valuation £1050; section, Derby street, lrd., agreed price £220, rating valuation £2BO.