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(v) 795/50% Mathan Hold (to be know an Kowloon lulind Job 16. 10638)
18.
The site has an ar a of about 595 square metres and is shown coloured pink on the plan at Ehel 5. The site is zoned for commercial/ residential development on the draft Departmental Plan No. IK 7/43 and was occupied by old pre-ver individually omed 4-storey buildings used for commercial purposes on the ground floors and residential purposes above.
19.
As a result of the required alignment of the mass transit railway tunnels north of Prince Edward Station, which involved their passage under the properties, it was considered that the buildings' foundations would not withstand the construction of the bored tube tunnels directly under- neath and demolition would therefore be necessery. 796/798 Nathan Road and 800 Wathan Road vero. acquired by agreement on 1st March 1974 and 8th October 1974 respectively. 602 Nathan Road vas acquired by agreement on 9th June 1975. The total acquisiton costs incurred by Government amounted to $8,972,153.20 comprising property acquisition costs, tenants' compensation and Government on-costs charged for prking the site available.
20.
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The optimum permitted development might well comprise a 15-storey Commercial/residential building. Although the land is affected by the tunnels, in the particular circunstances of this case it would normally be possible to sell such a site by auction immediately demolition had been effected but due to the construction of the mass transit railway tunnels, redevelopment would have been precluded for some years thus reducing any premium attainable as does the existence of the tunnels which necessitates additional and costly foundations which would not otherwise be required. It is considered that this cost should have been borne by the Corporation. and the site conveyed to then as soon as possible after acquisition so that redevelopment could commence as soon as ITR works were completed.
21.
The basic terms for the proposed grant of this site to the less Transit Railway Corporation are as follows: -
Area
Term
S
Crown Rent:
User
Restriction
Srociel development conditions
Fuilding Covenant
595 square metres (6,205 square feet or thereabouts).
Residue of 75 years commencing from the 2nd February 1931 renovable for a further term of 75 years.
$1,000 per annum.
Mass Transit Railway Tunnels and non-industrial purposes only.
(i) No part of ony building to be erected to exceed a height of 51.5 metres 7.D. (169 feet P.D. or thereabouts):
(1) The Conditions of Crurt to contain al "design and loveitin clause"
quixing
development to be subject to the special astroval of the Director of Public Works.
the Granton shall wathin 36 months from 30th June 1979 wonten the lob building to the valur of not
in less tim 3.4 million..
Prenjum
$15,000,000.
/(vi)
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