C 25.
606
·
From this it appears that the rents obtained from the ground floors of Godowns in this vicinity and having a total superficial area of 85,110 feet was $2,238.00 per month. Taking these figures as a guide we find that the Howard Godowns which cover an area of about 29,360 ft. super. should have brought in a monthly rental of $772.00 for the ground floor and (taking the value of the ground floor at half as much again as the upper floor) of $515.00 for the upper floor making the monthly rental for the whole building $1,287.00 or $15,444 : say $15,400.00 per annum. From this certain deductions have to be made, and capitalizing at 14 years' purchase a further valuation is arrived at as follows:-
Valuation No. II.
Gross Rental per annum,
$15,400.
Deduct Crown Rent,
$249.
Fire Insurance 14 per cent. upon $50,000,
625.
Repairs 1 per cent. upon $60,000, Empties 5 per cent. upon $15,400,
600.
770.
2,244.
$ 13,156.
14.
$184,184.
Taking a rough mean between these two valuations I place the value of M. L. No. 184 in the year 1899 at $187,000.00 in which calculation I have not taken into consideration any claim that it might be considered that the owners have for compensation for the conditions under which they had eventually to. dispose of their property and which amounted practically to a forced sale. If this be added the amount of my valuation would be increased as follows:-
Value of Marine Lot 184 in 1899,
Add 10 per cent. for forced sale,
$187,000.00 18,700.00
I am, Sir,
$205.700.00
Yours faithfully,
(Sd.) EDWARD A. RAM., F.R.I.B. A.
Statement of Claim for Loss of Rents from the Godowns situated on Marine Lot No. 184, during the progress of the Works of the Praya Reclamation, from the 1st January, 1896, to the 10th October, 1899.
Crown Rent.
Rates.
WORKING ACCOÙNT,
Wages. Charges. Insurance.
Repairs.
Total Gross Expenses. Rents.
Net Rents.
1895,
$249.00
$858.00 $ 269.46
$95.75
$1,200.00 $197.21
$2,869.42 $18,276.31 | $15,406,89
1896,
249.00
1897,
249.00
1898,
249.00
858.00 237.40
858.00 236.68
858.00
191.97
71.37
90.50
90.50
1899,.
193.06
667.83
101.45
12.99
1,200.00 246.75
1,200.00 39.44 2,673.62 12,954.40 10,280.78
1,200.00 71,84 2,661,31 11,507.03 8,845.72
732.00 54.55 1,761.38 6,069.67 4,308,29
2,862.52 12,451.22 9,588.70
(283 days).
$940.06 $3,241,33
$767.50 $ 265.36
$4,332.00 $412.58
$9,958.83 $42,982.32 $33,023.49
STATEMENT OF CLAIM FOR Loss of RENTS.
Net Rents for the year 1895 were $15,406.89 as above stated, Time from 1st January, 1896, to the sale and transfer of the Property on 10th October, 1899,
was 3 years and 283 days at $15,406.89 per annum, Deduct Net Rents received during that time as above stated,
Loss of Rents,
$58,166.28
33,023.49
$25,142.79