IN THE HEART OF SYDNEY.

Dominion, Volume 5, Issue 1538, 6 September 1912, Page 6

IN THE HEART OF SYDNEY.

IMPORTANT PROPERTY SALE.

The property situated at the corner of George Street and Wynyard Street, Sydney, known as the Mutual Life of .Australasia Building, has changed hands during tho past week (says the "Sydney Morning Herald" of August 29), through tho agency of Messrs. Raine and Home, the purchaser being the Bank of New Zealand. ,

The agents have strict instructions from the purchasers that tho prico is not to be revealed. But, as a matter of fact, this property was placed under the hammer in the rooms of Messrs. Eaine and Home on Juno 6 last. It was offered under instructions from the executors under the will of tho late Mr. E. J. Riddiford. The bidding, which was brisk, started at 000, and quickly ran up to ,£5G,000, at which figure the property was passed in for private . treaty. Tho reserve then was .£60,000; so that, in the natural course of events, the price paid by tho bank would.be in tho vicinity of ,£60,000. Tho laud has a frontage of about tS feet to tho western side of George Street by a depth along the northern side of Wynyard Street of about 91 feet, and running through to Wynyard Lane at the rear.

At a cost of ,£(i0,000 the property, would work out at nearly £U per square foot on tho surface measurement of the land. The position is undoubtedly a premier one, right in the heart of the city, almost opposite the Genera] Post Office", and in close proximity to the head offices of the Bank of New South Wales, the Bank of Australasia, and the Commercial Banking Company of-Sydney. This, therefore, adds another hank to the- already largegroup nestled in what might be termed

"Banking Square," and which is also surrounded by other lending financial and commercial institutions.

The building on the land is substantially and solidly erected in stone and brick, the two frontages being beautifully carved, and relieved by granite columns. The stairway and corridors throughout are of marble. The accommodation comprises a basement, ground floor, and six upper floors, with hydraulic lifts and all conveniences. The ground floor and basement are occupied by the, New Zealand Government Tourist Department and the Royal Bank of Australia, tlie other six 'floors, comprising 3" offices, being leased to professional firms. The tot.il gross rents received from the property are ,£3367 per annum. This makes tho second sale this month of property in this particular portion of George Street. A fortnight aero Messrs. Stanton and Son sold the buildings and land immediately adjoining the premises lately occupied by the Mutual Life Association for ,£48.000. That property has a frontage of "2 feet to George Street by a depth through to Wynyard Lane.

These two sales furnish further evidence of the enormous value of land in the heart of Sydney at the present time, but it also illustrates the great fall which has taken place in city properties since tho boom days. As proof of tin's, it may lie stated that the property disposed of by Messrs. Stanton and Son a Fortnight ago was sold in tho boom period for „CBO,OOO, the late Sir Arthur Rcnwick being one of a syndicate who purchased it. He afterwards'became the sole owner, and it was only 18 months ago that the executors of his estate sold tho property (o (lie recent vendors.

[We are informed on good authority that the Bank of New Zealand took an option over the property for ,£OO,OOO, and ultimately closed (he transaction at .£37,500, which was the actual price paid.]