CIVIC SQUARE SECTIONS.

New Zealand Herald, Volume LXV, Issue 19918, 11 April 1928, Page 8

CIVIC SQUARE SECTIONS.

TENDERS FOR THE SITES. NEW CONDITIONS OF LEASE. A step toward the conversion of the vacant civic square site into a commercial centre was taken yesterday when a boring plant was set in operation to make test bores foi foundations. Holes were sunk on tho section at the corner ot Wellesley and Queen .Streets, which was acquired oy a byndicate operating under the name of Properties, Ltd. Those concerned in the syndicate are reticent concerning their intentions, but it is stated a company is in process of "formation to carry out the erection of a building. The drill appeared to strike solid ground at distances of up to about 25ft. from the surface. Frequent evidence of the presence of bricks, relics of the structures that were on the square prior to its clearance, was found by the drill. Preparations are being made for calling, within a few days, tenders for the remainder of the sections on the square. Following the failure of the attempt to sell the sections at auction and by private negotiation, the City Council decided to amend the conditions, and it is on these fresh conditions that the sections will again be offered to the public. These provide for leases for 66 years, with a revaluation at the expiration of" 33 years. A period of 30 years is to be allowed for the erection of buildings to the full height. At the end of the leases the buildings and land revort to the City Council.

The lease which has been taken by Civic Properties, Ltd., will be amended to conform with the more favourable terms provided in the revised leases.