SHOPPING BLOCK: COMMITTEE TAKES AREA VALUE ONLY

Gisborne Herald, Volume LXXV, Issue 22823, 18 December 1948, Page 4

SHOPPING BLOCK: COMMITTEE TAKES AREA VALUE ONLY

The fact that a specific area has been designated in the provisional town plan for Gisborne as a suburban shopping area and that occupants of that area will have a practical monopoly of trade in the locality is not regarded by the Gisborne Land Sales Committee as a factor in fixing the present values of sections in such blocks. This matter was argued again at the weekly sitting of the committee when, as a result of a direction from the Land Sales Court, two transactions recently passed upon by the committee were reheard. In the initial hearings the values of two sections in the projected Childers road block were fixed at £73 and £7B respectively, and the rehearing was directed so that the vendor could produce evidence of value to substantiate the agreed price of £2OO per section. No evidence was submitted at the original hearing apart from the value of the properties as residential sites.

At this week's meeting, the committee fixed the value at £IOO for each of the sections, taking into account the general increase in values in the locality, but giving no weight to the prospects of the particular sections becoming exclusive shopping sites. State and Private Values

Substantial divergencies between the special Crown value and private valuations were indicated when a projected sale of a business site and buildings on the corner of Gladstone road and Derby street became before the committee, at the same sitting. The property was submitted at £IO,OOO, and the special Crown valuation was £8750; while two private valuations at £13,125 and £12,872 were produced in support of the agreed figure. The committee fixed the fair value at £9500.

In five of the other applications before the meeting, vendors accepted reductions in value as under:—Sale of section, 32per„ de Lautour road, from £l2O to £75; farmland, 2ac. 2rd. 3 per., from £215 to £170; house, Andrew street, with lrd., from £450 to £400; section, Anzac street, 29.09 per., from £l2O to £7O; and a dwelling in Poplar street, with 30.8 per., from £570 to £470. Farm Purchaser’s Advantage An unusual case of a property being submitted at a price considerably below the special Crown valuation was that of a farm at Whatatutu. The agreed price in this case was £7350 the special valuation £8575, the committee approving the sale at the agreed figure. Other transactions approved as submitted included the following; Farmlands, Makaraka, 3ac. 3rd, 10 per., at £325; house, Derby street, with 10per., £500; section, Fox street, 34per., £55; house, Wainui road, with lac., £1800; house. Richard and Windsor roads, Opotiki, with lrd 26per., £550; section, King street, Opotiki, 2rd., £120; dwelling, Awapuni road, with lrd., £2000; section, Atkinson and Stout streets, lrd. (half-share), £4O; dwelling, Tokomaru Bay. with 3rd 12.3 per„ £1000; farmlands, Puha, sac., lrd. 17per„ £108; dwelling, Clifford street, with lrd., £1100; dwelling and shop, de Lautour road, with lrd. O.Oper., £2100; dwelling. Whatatutu, with lac., £275: house, Collins street, with 30per., £1250, including chattels: house, Derby street, with lOper., £ 500.