CROWN LANDS AND SURVEY OFFICE
Principal Government Land Agent:
I.L. STANTON, F.R.I.C.S., J.P.
D.H.A. MOORE, F.R.I.C.S., J.P. (From 9.8.74)
7.01
GENERAL
Following the decline in property values during the previous year, the property market remained fairly stable during the 12 months under review at about the level prevailing in early 1972. Although the market was not particularly active, the system of selling Crown land regularly by Auction and Tender in accordance with a planned programme continued, and of the 67 lots offered for sale only 8 were withdrawn for want of a purchaser. Generally, auction sales were well attended but bidding was not keen. During the year there was some fluctuation in values and prices recorded in the latter half of 1974 were lower than those obtained in the first half of 1974 and after the turn of the year.
7.02
In late 1974, concessions for the payment of premia for sales and for modifications were introduced; basically these were divided into 4 categories as follows:-
(i) Industrial lots
The purchaser is now given the option of paying the premium by a down payment of 10%, the remainder of the premium being paid by 10 equal annual instalments with interest charged at 5% per annum, the first instalment being payable together with the 10% down payment and the subsequent instalments over the next 9 years.
(ii) Private Treaty Grants for special industries
The purchaser now has the option of paying the premium by a down payment of 10% and the remainder of the premium by 10 equal annual instalments with interest charged at 10% per annum, the first instalment being payable at the same time as the down payment and subsequent instalments over the next 9 years.
(iii) Modifications which still demand industrial use where the modification premium exceeds $1M.
(iv) Residential and Commercial/Residential lots
Subject to certain safeguards, the purchaser of residential and commercial/residential land where the premium exceeds $10M. and the developer of land the Crown lease of which is modified for these users where the modification premium exceeds $10M. now has the option to pay the premium by 10 equal annual instalments with interest calculated at 10% per annum.
65
Page 65
...
Page 65
CROWN LANDS AND SURVEY OFFICE
Principal Government Land Agent:
I.L. STANTON, F.R.I.C.S., J.P.
D.H.A. MOORE, F.R.I.C.S., J.P. (From 9.8.74)
7.01
GENERAL
Following the decline in property values during the previous year, the property market remained fairly stable during the 12 months under review at about the level prevailing in early 1972. Although the market was not particularly active, the system of selling Crown land regularly by Auction and Tender in accordance with a planned programme continued, and of the 67 lots offered for sale only 8 were withdrawn for want of a purchaser. Generally, auction sales were well attended but bidding was not keen. During the year there was some fluctuation in values and prices recorded in the latter half of 1974 were lower than those obtained in the first half of 1974 and after the turn of the year.
7.02
In late 1974, concessions for the payment of premia for sales and for modifications were introduced; basically these were divided into 4 cate- gories as follows :-
(i) Industrial lots
The purchaser is now given the option of paying the premium by a down payment of 10%, the remainder of the premium being paid by 10 equal annual instalments with interest charged at 5% per annum, the first instalment being payable together with the 10% down payment and the subsequent instalments over the next 9 years.
(ii) Private Treaty Grants for special industries
The purchaser now has the option of paying the premium by a down payment of 10% and the remainder of the premium by 10 equal annual instalments with interest charged at 10% per annum, the first instalment being payable at the same time as the down payment and subsequent instalments over the next 9 years.
(iii) Modifications which still demand industrial use where the
modification premium exceeds $1 M.
(iv)
The provision as at para. (ii) above will apply to this type of transaction.
Residential and Commercial/Residential lots
Subject to certain safeguards, the purchaser of residential and commercial/residential land where the premium exceeds $10 M. and the developer of land the Crown lease of which is modified for these users where the modification premium exceeds $10 M. now has the option to pay the premium by 10 equal annual instalments with interest calculated at 10% per annum.
65
No comments yet.
Private notes are available after approval.