LAND SALES COURT RULES ON UPSET PROPERTY VALUES

Gisborne Herald, Volume LXXVI, Issue 22952, 21 May 1949, Page 4

LAND SALES COURT RULES ON UPSET PROPERTY VALUES

THREE transactions submitted to the Gisborne District Land Sales Court at its weekly sitting # on Thursday were approved at prices below those agreed upon between the The reductions were small in two of the cases, but in the third the court reduced the upset value by £3OO to £2200 for a house in upper Childers road, on an area of lrd. 17per. A majority of the applications before the court affected sections or small farms, approval being given in the following instances: —Section of 2rd. at Tamarau, at £ 100 (reduced from £llO, the vendor consenting); section of 36 per. at Tamarau, at £SO; section of 23 per in Matthew road, £45; section of 20 per,, town area, £3o0; two sections comprising lrd. in Birrell street, £7O. . House sales approved by the court comprised a dwelling in upper Childers road, on lrd. 17 per., at £2200 (reduced from £2500): another on lrd in Resolution street, Tolaga Bay, at £950, and a third in Stanley road, on lrd., at £650. . ~ _ A family transaction _ involving a lease by a farmer to his sons of a Ngatapa farm of 1324 acres for five years, at £BO4 per annum plus rates and insurance and without rights of purchase or renewal, received the court’s approval. . . _ , A lease of business premises in Peel street for three years at £3 per week for the first year and further terms by ageement, was also approved. In this case the lessee was the present tenant at £2 2s 6d per week, the increase in rent having been submitted to the tenancy authorities.