LAND SALES

Grey River Argus, 21 April 1945, Page 2

LAND SALES

WESTLAND COMMITTEE SITS AT GREYMOUTH. Mr M. Wallace presided over a sitting of the Westland Land Sales Committee at Greymouth yesterday. With him were Messrs J. Mulcare and J. W. Greenslade. The Commissioner’ of Crown Landd (Mr N. Clay) represented the Crown. C. Rodgers (Mr C. R. McGinley), applied for permission to sell to N. E. Preddy, Lot 7, D.P. 304, William Street, Greymouth, at a price of £275. Mr McGinley said he had had the buildings valued at £lBO. The value of the land as a freehold section was at least £llO, and he submitted that that was its market price. .However since the committee made an allow l ance for lessor’s interest, the vendor, taking everything into consideration, was agreeable to a reduction in the purchase price to £250, including £7O for the land. Though the buildings on the property were not in good order, a value of £lBO could be quite easily upheld. A little more might be added to the value in this case as the buildings had a special business value to the purchaser. Mr Clay said there possibly was a question in this case of the buildings having a special business . value to°the purchaser. His valuation of the land was £llO, less £4B lessor s interest, making £62. This gave a total value of £242, and the Crown was quite willing to agree to the difference between that and the price now asked. Consent was granted at a price ol £250. . . G. E. Laing applied for permission to sub-lease to P. C. Peters, Section | 1920, Block 36, Greymouth, Native Reserve, Tainui Street, with an option to purchase at £650. The chairman said the lease did not come under the committee's jurisdiction in this case, the only matter for consideration being the value of the property if the option were exercised. G. F. Shallcrass, valuer, said the property was in a business and light industrial area, with a frontage to Tainui Street and Hinkley Lane. For several reasons the western side had an advantage over the eastern side of the street. If the section were vacant it would have a market value of £3OO. The building was in part sound and in part poor. There was a shop and a dwelling,witli a storeroom upstairs. Repairs necessary to bring the building up to the standard of its age had been estimated by a builder at £164, though his own valuation had allowed £l5O. Allowing for this and for a depreciation of 75 per cent, for the building, which was 60 years old, the building had a value of £295. In addition, he allowed £B2 for plate glass windows and £7 for fences, making a total value for the property of £684. Ashley Warnes, valuer, giving evidence for the Crown, said that the building was in bad repair, and a good deal of work would have to be done on it. Repainting and repapering were required. He had had the cost of the plate glass windows and the work of putting them in position quoted at £54 12s. He valued the section at £275. Mr Clay said that'the. Crown valued the property at £571, made up of section £226, and building £345. In a reserved decision the Committee consented to a price of £620—£275 for the section and £345 for the building.