LAND SALES

Grey River Argus, 22 December 1943, Page 3

LAND SALES

FIRST GREYMOUTH SITTING. Two cases were set down for hearing when the West Coast Land Sales Committee held its first public sitting at Greymouth vesterday. Mr. M. Wallace (chairman) presided, with,, him Messrs J. Mulcare and J. W. Greenslade. Mr. B. King (Commissioner of Crown Lands, Hokitika) represented the Crown. Mrs. E. A. Patterson (Mr. F. A. Kitohingham) sought approval of the I sale of a combined shop and residence at 166 Tainui Street, Greymouth, known as Gray’s Dairy, to R. F. Lochore for £l2OO. Mr. Kino- said he would contest Certain aspects. The difference between the property’s valuation, £906, and the selling price, £l2O, represented goodwill. Mr. Kitchingham said that the shop was the only one of its kind in the locality. The business arising from nearness to a school was substantial, and £250 to £3OO should be /flowed for goodwill. A few months ago offers had been) received of £1250 cash and £1350 terms, whereas £l2OO would now be accepted. The value of the stock would not fluctuate to the extent of £l5O. The price paia for the land in 1939 plus improvements had totalled £1064. G. F. Shallcrass, land valuator, said that the property had been bought for £750 and £314 had been paid on extensions. A modern shop had been provided, enhancing the value of the property as a business site. Six months ago it was on the market for £l4OO, and an offer of £1250 had been declined. He valued the section at £3oo—not necessarily as a freehold, and the buildings at £934, less £283 16s depreciation, as part of the building was 50 years oldand part four years old. The concrete paths were valued at £lB 15s, fences and general improvement £2O. stock, which he had not inspected, £146 10s, plant £llB 13s 3d, and goodwill £2OO, making a total of £1454. He considered the business had been very profitable for the last seven years. Adolf Bruhn, builder, said that . to erect similar buildings, including counters and shelving, at December 15, 1942, would have cost £lOO5 15s — £436 for the old building and drainage system, £3BO for new additions, £2O for fencing, £lB 15 s for concrete paths, £125 for a tworoomed bach, and £26 for a storeroom. W. A. Dickson, State Advances Corporation, Greymouth, called by Mr. King, said he estimated the age of the cottage jto be 50 years, and the shop about five years. The timber in the cottage was in a bad state, and he estimated depreciation at 50 per cent, compared with 5 per cent for the shop. Borer treatment would cost £35, but he did not consider such to be warranted. Allowing for depreciation he valued the buildings, including the store shed, at £605, fencing £lO paths £lO, and land £2OO. On December 22, 1941, the Government valued the property at sale at £515; and the Assessment Court at £489, but it was sold for £550. Mr. King said a sale on October 13, 1939, at £750, was shown in the title. ~ . Continuing, Mr. Dickson said he assessed goodwill at £l5O. This was the equivalent of £3 a week net profit which would result if the business had to pav wages. His total valuation was £1056 The committee reserved its decision, the chairman saying that careful consideration would 'have to be given to the various factors involved. That would" take some time, but a decision would be mven as soon as possible He pointed out that any who might feel aggrieved with a decision would have recourse to the Land Sales Court, and the committee would- facilitate such applications. In an application by W. Purdy for. approval of the sale to T. J. Cook of a section at Heathdale, an adjourn-, ment was granted on. the application

of Mr. Kitchingham to enable him to get a valuation.

HOKITIKA SITTING. At the first sitting of the West Coast Land Sales Committee at Hokitika the following applications were approved of:. Elanor Bade to James T. Green, property in Hokitika, price £775. Robert William Mclntyre to Redver s Hartlev. price £525. James Flemming to Norman N. Griffen, price. £3O. James Flemming to 1 William Joseph Hughes, price £3O. Mana Holley to Lilian Margaret Holley, price £lOO Peter James McEnanev to Alfred R. Quarterman, price £600 ; Leslie Dobson Teasdale to Violet Marv Vlack, price £575. John Peterson to Gwendoline Marv Elcock, price £750. Ronald Ross to Harrietta Rae, price reduced from £B2 10s to £7O. Mr. F. A. Kitchingham asked the committee to consider holding sittings in Greymouth when Greymouth case-? were being considered, as expense would be saved for those who had business with the committee. The chairman, Mr. M. Wallace, stated that the committee would be guided bv the applications, and would meet, the wishes of the applicants.