SALE OF A CITY PROPERTY

New Zealand Mail, Issue 1523, 28 February 1901, Page 32

SALE OF A CITY PROPERTY

A RECORD PRICE OBTAINED. There was a large attendance at the property sale neld by Messrs J. IT. Bethune and Co. at their mart, Featherston street on the 26th instant, when they sold by instructions fi'om Messrs Wilkins and Field, owing to the retirement from business of the senior partner (Mr Thomas Field) their freehold property, part of section No. 207 on the plan of the city of Wellington, •having frontages of 73ft 3in to Manners street, 146 ft sin to Parish street, and 104 ft 4in to St. Hill street, together with the two-story shop and warehouse, Nos. 32 and 34, Manners street, erected thereon, now occupied by Messrs Wilkins and Field as a wholesale and retail ironmongery establishment. Before taking bids, the auctioneer (Mr G. H. Bethune) referred to the valuable nature of the property from its central position in a main business thoroughfare of Wellington, and also to the satisfactory increase : n the value of city properties as shown by the recent City Council valuations. The bidding commenced at £7OOO, and proceeded by bids, first of £SOO, and afterwards of £IOO, until £10,700 was reached,* at which price the property was purchased by Mr Martin Kennedy. The price.obtained is a record one. Including the land and buildings, it .s at the rate of £146 per foot frontage to Manners street, which is far in excess of that of any former sales in the locality. The -auction is the last of a large number of successful sales of large city properties conducted by Messrs J. TT. Bethune and Co. A freehold property, No. 24, Thorndon quay, with dwellinghouse of eight rooms, was afterwards offered; also the late Mr George Friend’s property of 13f acres and dwellinghouse at Karori; and an orchard property of ten acres at Paraparaumu ; but as the bidding for these did not reach the reserve prices Ihoy were passed in, and remain in the hands of the auctioneers for private sale. They also on the 26th sold by private contract for £1550 a family residence containing ten rooms, with large section, at Thorndon, making their total sales for the day amount to £12,250.