LAND IN QUEEN STREET.

New Zealand Herald, Volume LIX, Issue 18170, 16 August 1922, Page 6

LAND IN QUEEN STREET.

VALUATIONS DISCUSSED.

EAST AND WESTERN SIDES. SITTING OF ASSESSMENT COURT. Objections to the Government valuations of property in Auckland City wero heard yesterday by an Assessment Court, consisting of Mr. V. G. Day, S.M., president; Mr. H. E. Vaile, assessor for the loual bodies; and Mr. E. Allen, assessor for the Valuation Department. Mr. H. J. C. Coutts represented the department, and the Government valuer, Mr. J. B. Wallis, was also present.

In practically all cases objections were to unimproved values, but a large number wero withdrawn or amended valuations accepted. Values in Queen Street were argued at some length when the objection of Whitcombe and Tombs, < Ltd. (Mr. Leary) against the unimproved value set on their property was taken. The property ha» three street frontages, 33ft. each to Queen and High Streets, and 189 ft. to Durham Street. The valuation was capital value £51,350, unimproved value £31,350, and improvements valued at £20,000. Threo valuers called by Mr. Leary agreed in setting down the unimproved value at £26,400. which was at the rate of £800 a foot on the Queen Street frontage, or, taking half the depth of 189 ft., £650 a foot was placed on the Queen Street frontage, and £150 on that to High Street, giving the same result. One witness stated that at present there was little demand for land in Queen Street, and he knew that 30ft., with a brick building thereon, adjoining the Auckland Savings Bank, could be bought for £25,000.

Several Becent Sales. Mr. C'outts, in reply, referred to several recent sales in Queen Street. On the western side, the Bank of Australasia had sold its property to the Crown for £32,000, or equivalent to £755 a foot, and had bought the present premises of the National Bank, standing on the opposite corner of Queen and Wynd'ham Streets, for £122,500, with frontages of 134 ft. and 102 ft. This also gave a price of £755 a foot. Mr. Coutts submitted that value* were created by the lyimber of people who passed a particular property, and. on this basis, land on the eastern side of Queen Street was worth £50 to £75 a foot more than .that on the western side. In the property owned by Whit combe and Tombs, there was the additional value created by its having three street frontages. The Court assessed the value of the land at £850 a foot, giving an .unimproved value of £28,050. Improvements were left at £20,000. A reclamation lease, having frontages of SOU. to Queen and Ljttie Queen Street*, and a depth of 121 ft., was the subject of an objection by Wingate and Co. (Mr. Webster). The capital value was set down at £24,450. unimproved at £20,250. and improvements at £4200. Valuers called for the objectors estimated tin' value at £600 a foot, against the department's figure of £675. As other properties in t'he same block and of identical dimensions were the subject of objections, the Court adjourned until thin morning, when its decision will be given.

Other Objections Decided. Valuations were sustained in the following cases where objections were made: — Mary Ann Thomas, 2 roods 20 perches, corner of Douglas and Norfolk Streets, Ponsonby, capital value £4900, unimproved £3500. and improved £1400; Charles H. Nicholls, corner Pousonbj Road and Brown Street, capital value £2670, unimproved £2170, improved £500; James Cole. Hobson Street, capital value £3000. unimproved £1200, improved £1800; Francis Fowler, 28ft. by loßfs.. Albert Street, capital and unimproved £2830; Gustav Kronfeldt (Mr. Sullivan). 30ft. by 121 ft., Albert and Little Queen Streets capital £10,500, unimproved £7500, improved £3000; Uren Gittos, 20ft. by 62ft., Victoria Street, capital value £5000. unimproved £4000. improved £1000; David Sberfian, 25ft. by 84ft.. Hobson Street, capital value £1250, unimproved £1200, improved £50. The following amended valuations were made:—John Petford, 26ft. by 105 ft., Albert Street, unimproved reduced £420 *nd improved £600, leaving capital value £5000, unimproved £4000, improved £1000; Isaac Burchill, 107 ft. by 91ft.. France Street, Newton, unimproved value reduced £55, leaving capital value £910 unimproved £480. improved £4130: the same owner, 66ft. by 107 ft., Cobden Street, off Karangahape Road,' unim proved reduced by £100, leaving capital value £765. unimproved £430, improved £335: Brookfield and Schnauer, corner of Shortland and Cromwell Streets, unim proved value reduced £750, leaving capital value £9200, unimproved £6375, improved £2825.: William Eggerton, 22ft. by 50ft., Cobure Street, unimproved value reduced £110, leaving capital value £1090. unimproved £1015. improved £75: J. W. Gittos. 50ft. bv 213 ft., corner Federal and Hobson Streets, unimproved value reduced £500. leaving capital value £4050, unimproved £4000, and improved £50.