THE TEVIOT ESTATE.

Otago Witness, Issue 3333, 30 January 1918, Page 11

THE TEVIOT ESTATE.

UNDER FIRM OFFER. TO THE GOVERNMENT. There was a large attendance at Messrs Wright, Stephenson, and Co.'s auction rooms at noon on Friday, when the. wellknown Teviot Estate was submitted at auction. The fact that it was known that tho Government Land Purchase Board had reported favourably on the property as a suitable one for subdivision gave the proceedings an added interest. The property, which comprises 12,446 acres of freehold and 19,250 acres of leasehold, held at an

annual rental, of £2oo* for 19 years, from Ist March, 1907, was offered in one. lot, tho purchaser having the right to take the stock and plant at valuation. Mr D. Allan wielded tho hammer, but only ono bid was forthcoming—that of £65,000, from Mr J. D. Ritchie, chairman of the Land Purchase on behalf of the Government. The property x was formally passed in at that figure. Mr Ritchie then got the property placed under the firm offer to the Government at £75,000, the upset price, and negotiations with tho authorities in Wellington have taken place. The Government has also submitted an increased offer, but it is not considered that any reduction in tho upset price will be made Negotiations are still proceeding for tho disposal of the Teviot Estate to the Government. Mr J. D. Ritchie (chairman of the Land Purchase Board) returned north by the express on Saturday. The position is that the property is still under firm offer to the Government at the upset price of £75.000. Mr Ritchie will consult with the Prime Minister, and subsequently communicate with the selling agents. It is said there are'two other prospective buyers, one for the place as a going concern, and the other for the land only.