CITY PROPERTY VALUES.

New Zealand Herald, Volume LXIII, Issue 19321, 7 May 1926, Page 10

CITY PROPERTY VALUES.

WELLESLEY STREET SALE. PURCHASE BY FORESTERS.PRICE AVERAGES £2OO A FOOT. The purchase completed this week of the property with a frontage of 64ft,. to Wellesley Street West, adjoining the Foresters' Building at the corner of Albert Street, "affords an instance of the substantial advance that has taken place in the value of city properties in recent .years. The price paid on behalf of the Auck- ' land district of the Ancient Order of Foresters was £12,750, practically £2OO a foot. A deposit of £IOOO has been paid and £4OOO more is to be paid in two months, the balance remaining at pn r cent, interest, with a payment of £IOOO each year in reduction of the principal. Repayment of the whole amount will thus be made within eight years. About five years ago the Foresters' Society was offered the same property for £6OOO. Two years later it was acquired by the Fountain of Friendship Friendly Society for £8320, which has now sold to the Foresters at an advance of over 60 per cent. The Foresters' Buildings, comprising four storeys and basement, has a frontage of 115 ft. to Albert Street and 42ft. to Wellesley Street, and the latter frontage will now be increased to 106 ft. The new property is at present occupied by old two-storeyed buildings. The society contemplates in the near future the erection of a handsome block of buildings.