VIZER SZENTROSTATI
(415) 776/778 Nathan Road
ea Hoyleon Inlaid fot Re.
9.
3
(to be knowm 10621)
The site hag en orea of about 285 square metres and is shown coloured pink on the plan at Incl 3. The site is zoned for commercial/ residential development on the draft Departmental Plan Mo. IK 7/4B and was previously occupied by two separately umed pre-war buildings of three and four storeys, respectively, designed for commercial/residential use.
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The construction of Prince Divard Station involved excavation for and construction of diaphragm walls, which in turn necessitated the removal of verandahs from adjacent pre-war properties which would otherwise have obstructed the execution of the work. In the case of 776/778 Methan Road, this was not practical since verandah removal would have resulted in the main structures becoming dangerous and it was therefore essential for the whole of the buildings to be demolished. 776 Nathen load was acquired by agreement on 19th March 1975 but it was necessary to resume the ground and first floors of 778 lathan Road on 7th December 1975. The rest of 778 Nathan Road, i.e. the second and third floors, had been acquired earlier by agreement on 15th October 1975. The total acquisition costs incurred by Government amounted to $4,561,081.84 made up of property acquisition costs, tenants' compensation and Government on-costs charged for making the site available.
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No development proposals have yet been received from the Corporation but optimum permitted development could comprise a 15-storey commercial/residential building. In the particular circumstances of this case, it would normally be possible to sell such a site by auction immediately demolition had been effected. However, although there are no permanent R structures affecting the site, due to the construction methods employed by the Corporation, redevelopment would have been precluded for some years herely effectively reducing any premium attainable. It is considered that this cost should have been bome by the Corporation and the site conveyed to them as soon as possible after acquisition so thet redevelooment could commence as soon as ITR works were completed.
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Area
Term
The basic terms proposed for the grant of this site are as follows:
205 square metres (3,068 square feet or thereabouts)
Residue of 75 yezze commencing from the 28th April 1930 renewable for a further term of 75 years.
$1,000 per ENKIAM.
Crown Rent:
Usen
(1)
Restriction
Building Covenant
Prezius
No part of any building to be erected to exceed a height of 51.5 metros F.D. (169 feet 1.D. or thereabouts);
(ii) The Conditions of ant to contain a "dosign
and disposition clause'' requiring development to be subject to the special approval of the Director of Publie Yorks.
The Grantee shall within 24 nonthe from 30th June 1979
neet on the les : billing to the value of not less When 01.45 million.
10,000,000.
(AN).
+2 0
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