"GABITES' CORNER."

Timaru Herald, Volume LXXXIII, Issue 13016, 2 July 1906, Page 6

"GABITES' CORNER."

IMPORTANT PROPERTY SALE

r One of the most important auction,sales of town property for a long time was held by the National Mortgage and Agency Company in their land eale-rooms ,on Saturday afternoon. This was the .sale of Gabites' Corner, in the south-western,angle -of the intersection of Stafford and George streets, a quarter of an acre' of land, with the buildings thereon, and occupied by Messrs Gabites, Penrose, Hilton, Wade, Knubley, the D.I.C. and the Kailoa Tea Rooms. ■ The property belonged to the esta'te-bf the late Mr Bendix Hallenetein, and /the executors desired to dispose of it. , ■ ■ Mr'Alex. Scott, who was the auctioneer, in describing the property, stated that it has a - frontage of 66ft to Stafford street and 165 ft to George street; but of the latter 12ft is* cut off for a right-of-way to other properties. The various shops and offices are now let, on short leases—the longest expiring in 1910—and the current rentals total about £BOO a year, tenants paying the rates. The,late Mr Hallenstein obtained plans for considerable improvements at a moderate cost, which would greatly 'increase the rent-earning power of the property, and Mr Scott sup-posed-that' the executors would be willing ;to throw these plans in with the property.? The terms of purchase were: 10 per cent, deposit, the balance of jone-third to be paid within 14 days, the other two-thirds to remain on mortgage for three or' five, years at 5' per-, cent.; or the whole could be paid within 14 days. The first bid was £IO,OOO, and bids of £SOO each came fairly rapidly from two or three quarters till £14,500 was reached. Then there was a pause, and Mr Scott; consulted Mr De Beer, one of the executors, and decided to "let it go." tTjb%! J auetioneer offered to accept £IOO bide, were given, the property jjemg''-finally knocked down to a bidder I'fofWMur H. TurnbulLat £14,700. ' "* AN OPIHI FAEMT

■•- Mr Scott next offered a ■ farm of 311 acres, in Opibi Valley ? -■ near Hazelburn, which had -been occupied by the late Mr W. Adams. The terms were 10 per cent, down, balance within" a week, except that £4OO might be left on mortgage. There -were only two bidders, one started at ,£s'an r aere, and the other (Mrs Gould) raised the price by 10s and 5s bids to £7 10s, -and became" the buyer at that figure. _Two'other properties put"up were passed unsold. One was the goodwill of an tip.-'section, Pareora, .which elicited only one. fruitless bid of £2001„ The other was a quarter,of an acre' on Nile• street, for .which £75 .was offered 'and declined. ' Enquiries are being made, and the auctioneers expect to, dispose of the properties in a few days. \ -_' , ■,<