LAND AT ORAKEI.

New Zealand Herald, Volume LXV, Issue 20115, 28 November 1928, Page 12

LAND AT ORAKEI.

COATES' ESTATE SECTIONS.

POOR RESPONSE AT AUCTION. A conflict of ideas on values resulted in an almost complete deadlock when 38 sections on tho heights of Orrvkci, in the estate of tho late Mr. Thomas Coates, were submit led to auction by Samuel Vaile and Sons, Limited, last evening. Only two of the sections were sold. One of the best sections, with a frontago of 137 ft. to Sudeley Street and 38ft. to Centos Avenue, was submitted first, and bidding ran to £llOO, at which figure the auctioneer said ho could not sell. Attempts to dispose of other sections met witli a similar late. Two sections facing Sudeley Street, with a joint frontage of about B6ft, and a depth of 224 ft., o:t which is a residence of 10 rooms, were passed in at £2150. Inviting the public to nominate the sections they were interested in. the auctioneer attempted to dispose of about n dozen different lots, but ho met with* success in only two instances, those being adjoining sections facing Coates Avontio, '■•'"l with a front ago of 63ft. and a '°/ b r )ltt. One was purchased for —. J7o tlie buyer also having an option over tho adjoining lot, which he accepted at the same lipu.e. It l, cir , K apparent that bidding would not reach tho reserve vercd with ' a,Jction wu » not perse-