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premises, their interest therein, and the terms whereunder they hold such interest.
A further general condition of sale included that the roads built in the area should not be less than 30 feet wide and the main road through the site should be not less than 40 feet wide, that the area of any particular lot should not be less than 8,000 sq. ft.. that at least thirty residences designed to the satisfaction of the Director of Public Works should be erected on the original area, and that the cost of site formation, drains and channels should be borne by the company.
It was estimated by the company at the time that the land was acquir- ed that the cost of site formation work together with all the expenses of connections to Government mains, drains and sewers, and the value of the land that had to be set aside for roads, etc. would bring the average cost of a building lot, formed ready for building on, to $3.50 per sq. ft. and it was on this basis that the lots were sold to individual owners.
The agreement which the company makes witn the purchasers of each lot stipulates that the cost per sq. ft. of the land developed by the company shall include all expenses incurred in the formation of the site, making of roads, the installation of all necessary services to drains, sewers. water, electricity, telephone and any other
The original conditions of sale to every residence erected on the area services which in the company's The Home Building & Investment the proportion of expenditure on the opinion it shall be necessary or desir- Company included the provision that same. for twenty years certain restrictions on the title should be in effect. These restrictions included:-
1. That the books of account should show in detail the true cost of con- struction and subsequent expenditure on the premises and their manage- ment and rents profit arising there- from, and that inspection of these books should be at all times open to a person appointed by the Governor for the purpose.
2.
That the company would pre- pare a statement of account appor- tloning to the whole scheme and to
able for the full development of the site, and shall include a fee of 5 per 3. That the Company and its suc- cent payable to the company's con- cessors in title should not, except sultant appointed for the purpose of with the consent in writing of the the development of the site. The pur- Governor, part with possession of chaser shall, in addition, pay to the same or rent the residence or building company as a contribution to the cost on it at a profit exceeding an annual of the formation management a ser- return of 5 per cent.
vice fee of 5 per cent of the propor-
4. That the documents of title of tionate cost of the land, site forma- the premises and any portion thereof tion, services, and buildings, with the should be deposited with the Land condition that if it shall be found that the company has obtained or Officer for safe custody and that a declaration be given to the Director made any profit from the contribu- of Public Works on 1st January of tions made to it by the purchaser that each year stating the interest of the they shall refund to the purchaser householder or tenant in each of the such sums out of such profits as the
- Continued on page 51.
—
View looking up Perkins Road.
View looking towards House 17.
- 49
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