VALUE OF SITE

New Zealand Herald, Volume LXXV, Issue 23143, 15 September 1938, Page 18

VALUE OF SITE

NEW mm STATION TRUSTEES CLAIM £16,299 MORE EXPERT OPINIONS CONCLUSION OF EVIDENCE An Assessment Court presided over by Mr. Justice Fair heard further evidence yesterday to enable it to determine the price to be paid by the Auckland Metropolitan Fire Board for part of the area it has taken at the corner of Pitt Street and Grey's Avenue for its new central fire station. The claimants who owned the land are Gordon John Lennox and Harold- Dixon Buddie, as trustees of the Lennox Estate (Mr. Richmond), and they are asking £10,250 for the land and £6049 for tho buildings. The total offer of tlio Firo Board, represented by Mr. North, is £7IOO. The assessors associated with tho Court are the Hon. J. Alexander, M.L.C., for the claimants, and Mr. W. H. Lunn for tho Fire Board. For the Fire Board, tho city valuer, P. F, Notlev, giving evidence on subpoena, said he valued the Lennox property at £3O a foot on tjie Pitt Street frontage. In tho last seven years he had reduced values continually in that area. Property there had remained stationary for many years. 'lnfluence of Ohurch

The presence of public institutions opposite'had been detrimental, but the biggest factor affecting its value had been tho Methodist Church intervening and breaking the continuity for shopping from Karangahape Road, said witness.' Ho considered 412s to 45:3 would bo the limit of rent for retail shops there. He "did not think tho Lennox property would be suitable for a motor garage, and its best use would be for fla,ts. He valued land in Hobson Street, between Cook Street and Wellesley Street, at £6O or £7O a foot. Sites on the cast side of Upper Queen Street wer3 far preferable to the Lennox property for shops, and his valua-

tions for Upper Queen Street would fee slightly higher. Asked about the value of the present fire station site, witness said, "I don't concentrate on that. We collect no rates on it. so why waste my energies?" Further pressed, witness said that knowing there were two frontsees ho would say about £SO a foot at the outside. Suitable Areas Bare

Answering Mr. Richmond, witness »aid ho could not say without his books whether the capital value of the Lennox property was £SB-iO ; His estimate of £3O a foot' would give a total of £6OOO for the area. blocks of nearly level land near the city and not encumbered with expensive buildings were rare. Rjjnfurlv Smith, valuer, said he had examined tho buildings on the Lennox property for the Fire Board in September, 1936, and subsequently offered tho trustees £7IOO for land and buildings. Ho put £2200 on the buildings, tout had since reduced that to £1750.

The rental values of shops in Upper Queen Street were about £1 a week higher y than in Pitt Street. The part in question was not a good shopping area. In September. 1936, he valued ihe, present fire station property, land and buildings, at £0920. Victor Clay, land valuer, said ho •rallied the Lennox property at £7635, made up of £5340 for the land and £2295 for the buildings. In answer to Mr. Richmond, he said toe did not know of any similar area about the city that could bo bought This closed the evidence, and it was

arranged to hear addresses by/counsel # fit tho close of another similar claim Against the Firo Board, which will open to-day.