The Testern Market.
306
1.
Two schemes have bien pat forward for meat-
ing the undoubtedly urgent need for a larger and batter Western Market, the object of this memorandum is to compare the two financially and otherwise.
3.
Por purposes of comparison the area of land to be occupied and its value will be given in both cases, - although nearly all is Government droperty and only some small resumptions of private oroperty would be necessary in either case.
The first scheme is to take down the exist- ing sheds and stalls which go to form the market, to acquire 30me of the adjoining buildings so as to obtain more room and a better frontage to the surrounding streets, and on this site to build a new market with two floors,
3.
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The area of land belonging to the Government occupied by the market, rented out stalls, and shoes is 23,850 square feet. This is sufficient, but in order to get frontages to public streets and to obtain sufficient space for light and air between the market and private properties in the sane block, it is considered that lend to the extent of 3,300 square feet, viz-) Nos. 7 and 11 Morrison Street and 343, 345, 347 and 248, Queen's Read must be acquired at an estimated cost of 79,300, or at the rate of $34 per square foot.
5་
The 29,850 square feet belonging to Jovera- ment having no frontage may be put down as worth $14 per square foot, or $403,200, thus the total value of the site when cleared and added to may be put down at $499,100.-
On this a new market would occupy about 20,000 square feet, and the cost of the building is estimated at $153,000.
The fact that the rents now derived from the market and stalls would be lost to Government during the time the new market was under construction, say for 12 months, mast be considered in this schene, or at least the cost to 3overnment of erecting temporary markets on the site opposite the Sailors' Home and possibly also in front of the Harbour Office. This may I think be put down at $8,000.-
The
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