CO129-627-6 Grants of land 1-1-1951 - 30-11-1951 — Page 64

Sec. 773093/50.

SAVINGRAM

To the Secretary of State for the Colonies.

From the Governor, Hong Kong.

Date..

4

れ

January, 1951.

12

No.

I have the honour to request your approval of the grant of an area of 2,030 sq. ft. of land at Lugard Road, the Peak, Hong Kong, to the Hong Kong Electric Company Limited on the following terms:-

(a) Private Treaty sale.

(b)

Lease term 75 years non-renewable.

(c)

Premium 9,352.00.

(d)

Crown Rent $46.00 per annum.

(e)

Building Covenant. A sum sufficient to bring the value of the buildings on the lot up to $40,000 will be expended upon rateable improvements on the lot within a period of 12 months.

(f) The height of the building shall not

exceed 46 feet.

(g)

(h)

ત

5443411

(i)

2.

Except with the consent of the Governor the lot shall be used only for an electrical sub-station, and such domestic buildings as the Director of Public Works may consider reasonable for the housing of staff employed by the purchaser.

No assignment, mortgage, charge, sub-lease or other alienation will be permitted without the written consent of the Governor.

The lot will revert to the Crown without compensation in the event of any breach of the conditions.

The lot comprises a formed and built upon site of 1160 sq. ft., which was held by the Company on a 21 years non-renewable lease which expired on 22nd March, 1949, plus 870 sq. ft. of hillside now added in accordance with the normal practice of making lessees responsible for the prevention of landslips. The 1160 sq. ft. were and are occupied by the Company's Victoria Gap sub-station and the Company propose to construct a flat for an engineer on its staff over the sub-station. In view of the existing sub-station, sale of the land by public auction is impracticable, but the premium is calculated at the normal upset price at which the land would be put to auction plus fifty percent. The Crown rent is at the normal rate for the locality.

3.

The premium does not include the value of the building on the land, but I do not consider that it would be equitable to charge this in view of the fact that under the concession granted in respect of 75 years non-renewable leases after the war no charge is being made for the buildings on lots held under such leases.

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