(4) 221 0 and 1 Nathan Tond (to be known
as Kowloen lelaná los Me. 10519
The site has an area of about 288 square metres and is shoim coloured pink on the plan at Encl 1. The site is zoned commercial/residential on the draft Statutory Plan No. 1/56A and was formerly occupied by two 5- storey post-war buildings designed for commercial/residential use.
2.
As the site was required for the construction of the south-west ventilation shaft of Jordan Hass Transit Railway Station, the two properties were resumed under section 4(1) of the Hess Transit Railway (Land Rosumption and Related Provisionc) Ordinance (Chapter 276) on 3rd June 1976. The total acquisition costs incurred by Government amounted to $2,150,327.54 which is made up of property acquisition costs, tenants' compensation and Government on-costs charged for making the site available.
3
The optimum permitted development might well comprise a 16m storey commercial building if the Corporation's'requirements were not taken into account. However, the ventilation tumel between the shaft and the underground station runs across these sites and had led to foundation problems. Furthermore, with the ventilation shaft structure occupying 2 substantial amount of the lower floor space, the maximum amount of commercial development which can be attained is thus severely limited.
4.
The basic terme proposed for the grant of this site to the Hess Transit Railway Corporation are as follows: -
Area
Term
Crown Rent:
User
Restriction
Special development conditions
Building Covenant
Fromium
228 square metres (3,100 square feet or thereabouts)
150 years commencing from the 25th December 1887.
$1,000 per annum,
Mass Transit Railway rent shaft, cooling tower and non-industrial purposes,
(i)
No part of any building to be erected to exceed, a height of 60.5 metres F.D. (198 feet P.D. or thereabouts);
(ii) The Conditions of Grant to contain a
"design and disposition clause" requiring development to be subject to the special at roval of the Director of Public Works,
The Grantee shall within 36 months from 30th June 1979 ercct on the lot a building to the value of not less than 2 million.
310,500,000.
(ii)..