01 A
(vi),2-4 Tai To Ro-4/47.oundry Street (to be
Los 10. 5772)
22.
The site is an ores of about 285 square metres and is show coloured pink on the plan et Mel 5. The site is zoned for Residentiel (zene 1) development on the Craft Statutory Man Mo. IK 3/10 and was previously cooupled by a modern 14-storey building in multiple ownership and constructed in the mid-1950's.
23.
As the mass transit meilvay tunnels north of Prince Edward Station had to be constructed under the property and it vas considered that the buildings foundations would not withstand the construction of the shallow level bored tube tunnels directly underneath, the site was resumed under section 4(1) of the lass Transit Railway (Land Resumption and Related Frovisions) Ordinance on 13th April 1976. The total acquisition costs incurred by Government amounted to 10,329,627.44 made up of property acquisiton costs, tenents' compensation and Government on-costs charged for making the site available.
24.
If some of the foundations had not been integrated with the tunnel structures and built concurrently this, together with further restrictions on construction methods and additional foundation requirements would have imposed substantial additional costs on any private developer. If the lot had been sold by auction, these additional costs would have considerably reduced the premium thet might otherwise have been obtained but for the existence of the tunnels. llo development proposals have yet been received from the Hess Transit Railway Corporation but an optimum permitted development comprises a 15-storey commercial/residential building.
25.
The basic terms for the proposed grant to the Hass Transit Railway Corporation of the site are as follows: --
Area
Term
Crown Renta
-
User
Restriction
Special development conditions
Building Covenant
Freziun
Bare a replet. Her story to van derde met at th
285 square metres (3,068 square feet or thereabouts)
Residue of 99 years, lens the last three days, commencing from the 1st July 1898.
$1,000 per snnum,
}
Neos Transit Railway Tunnels and non-industrial purposes (with restriction for residential purposes only above first floor level),
(i) lio part of any building to be erected to exceed a height of 51.5 metres P.D. (169 fect P.D. or thereabouts)
(ii) The Conditions of (rent to contain a "design
and disposition clause' requiring development to be abject to the special aproval of the Director of Public Works.
The Grantee shall within 56 months from 30th June 1979 erect on the lot building to the value of not less than $1.7 million.
$10,309,621,44
4+
Page 45Page 46
DERཎཀུས VA“ག+8
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