LAND VALUES

New Zealand Herald, Volume LXXIII, Issue 22399, 21 April 1936, Page 12

LAND VALUES

STANLEY STREET AREA DIFFERENCES OF OPINION SEVERAL ADJUSTMENTS MADE Complaints that reductions in the valuations of a number of properties in Stanley Street sanctioned by the Court last year had been restored by the city valuer, Mr. P. F. Notlev, in this year's assessments, were made at the City Assessment Court yesterday by Mr. J. Terry on behalf of John Burns and Company, Limited. Applications for reductions on this year's assessments were opposed by the city solicitor, Mr. J. Stanton.

Tho first case concerned a section of 122 feet frontage half-way along Stanley Street, on which the assessment was £213.

Mr. G. B. Osmond, called for the objector, said he did not think that values had changed in that locality since last year, when the Court said that £147 was a fair rental value. He was supported by Mr. T. Maclndoe, who said that a fair value would be £ls a foot.

Mr. C. F. Bennett, giving evidence on behalf of tho city valuer, said that in view of values in that locality, £3O a foot would be a reasonable valuation, and with the old building assessed at £194 tho total would be £3854, which would give a rental value of £192. He quoted a property opposite for which the owner would not take less than £6O a foot.

The assessment was reduced from £213 to £192.

Applying for a reduction in the assessment of £172 on a section 66ft. by 110 ft. on tho southern end of John Burns and Company's property in Stanley Street, Mr. Osmond valued the land at £2O a foot and the buildings at £9OO, a total of £2220. Mr. T. Maclndoe also valued tho land at £2O a foot and the buildings at £905. Mr. C. F. Bennett valued the land at £45 a foot and tho buildings at £328 10s, or a total of £3298 10s. Mr. Notlev valued the land at £4O a foot and the buildings at £9OO. The assessment Avas sustained. Agreement was reached in respect of a similar section in Stanjey Street measuring 66ft. by 110 ft. The city valuer's assessment was £216 and this was reduced to £195, while in the caso of another section in the same street with a frontage of 99ft. and a depth of 110 ft., tho rental value was reduced from £306 to £295. ( A section at the corner of Stanley Street and Alten Road, also owned by John Burns and Company, Limited, and having a frontage of 103 ft. to Stanley Street and 115 ft. to Alten Road, was assessed at £403, and by agreement this was reduced to £390. The Court adjourned until 10 o'clock this morning.