THE CITY MARKETS.

New Zealand Herald, Volume LXVIII, Issue 20897, 12 June 1931, Page 13

THE CITY MARKETS.

RELIEF FOR SUB-LESSEES. VALUATIONS REDUCED. Reductions amounting to 15 per cent, in the valuation of the City Market properties have been granted by the Assessment Court as the result of objections made by a group of sub-lessees. The total Government valuation of the entire property was £104,435, which has now been reduced for rating purposes to £88,540. The capital valuation of 11 lots, subleased by Turners and Growers, Radley, and Company, J. Jones, Limited, and Perkins and Sons, Limited, was £79,035, made up of £41,675 land value and £37,350 for buildings. By decision of the Court the capital value has been reduced to £65,600, of which land accounts for £37,600 and buildings for £28,000. The Government valuation of tha Market Petrol Station was £14,600, of which land accounted for £B6OO and improvements for £6OOO. The Court's new valuation is £13,760, made up of £7940 for land and £5820 for improvements. With respect to a property adjoining the petrol station and sub-leased by Turners, and Growers, the Government valuation was £IO,BIO, with £5310 for land and £5500 for improvements. The new valuation is £9IBO, of which land accounts for £4780 and improvements for £4400. . Several minor reductions in valuations have been authorised with respect to a number of properties adjacent to the destructor site at Takapuna. The most substantial reduction was that effected an the case of the Roman Catholic endowment. The capital value of the property was reduced from £7OBO to £4300, and the unimproved value from £6905 to £4125.