COUNTRY STORE

Gisborne Herald, Volume LXXIV, Issue 22319, 2 May 1947, Page 4

COUNTRY STORE

GOODWILL VALUE COMMITTEE’S APPROVAL BUSINESSES IN TOWN Good money is being made in wellmanaged country stores, and values of such businesses have shown a substantial advance in recent years, during which petrol restrictions and the suspension of deliveries from town firms have operated to the advantage of the rural storekeeper. Exemplifying the goodwill value attaching to an established country business an application before the Gisborne Land Sales Committee at its sitting yesterday referred to an agreed price of £2SGO for a property on which the rating valuation was £845. The deal concerned a store and three acres of land, of which two acres are leasehold, the business including a thriving petrol resale agency. A special Crown valuation submitted was £2418. and the committee approved the sale at the agreed price of £2500. The purchaser was the present tenant, at a rental of £4 10s per week. On the other hand, a suburban store, pirchased at £1225 in 1945, changed hards at the same figure in a transacts, n financed by a rehabilitation loan. The buyer in th ! s case was also the present tenant who had been paying £2 10s per week. The rating valuation of this property, established in 513 1. was £650 The increased value of leaseholds m Gisborne was illustrated by another application in which the present tenant of a shop, 18ft. by 44ft., in a central block had agreed to an increase of £7 per week on a renewal of his for seven years. A special Crown valuation placed the rental value at £6 6s per week, and the committee approved the lease at £6 12s 6ci per week. Other business approved included the following:—Sale of house, James street, with 2rd. 16per„ £875; house, Pare street. With 30per.. £650 (price reduced from £725 with consent of vendor); sections, Ormond road, 2rd. 33per.. £160; house, Crawford road, with 20per., £500; section. Redmond street, lrd., £45; section, Pine street, 2rd. 18per., £100; section, Cook and Solander streets, Tolaga Bay lrd., £4O; house, Hospital road, with 29.47 per. £300; corner, Richard and Buchanan streets, Opotiki, 2rd., £120; section, Chalmers road, 20per„ £45; section Buchanan and Te Hapara streets Gisborne, 35per., £6O (price reduced from £75, vendor consenting); section, Grey and Carroll streets, Frasertown, 3rd., £150; house, Carroll street, Frasertown, with lac. lrd., £795; lease of cottage, Childers road (goodwill only), £IOO.