LAND IN LONDON.

Rangitikei Advocate and Manawatu Argus, Volume XXXIII, Issue 9074, 14 February 1908, Page 3

LAND IN LONDON.

PRICE TREBLED IK SEVEN YEARS. • ' London, December.l6. The remarkable manner in which the value of land in central London increases was illustrated in an action brought in the law courts yesterday byfMr Arthur Harris, a Bond-street estate agent, against Mr Samuel Waring, of the Croat Oxford-street inn of ■ ..Waring and Gillow. Mr Hair is said that in 1900 his brother sold some land fronting Tottenham Court, road, Bedford-avenue, and Caroline-street, to Mr Waring for £1250, subject to a ground rent to the Duke of Bedford, of £2600 a year. He himself was' employed by Mr Waring! to act as agent for the sale of the property, and schemes were formed for the acquisition of the site for the purpose of building Tnrkish|baths,'an opera house, and a French theatre. Acting under the terms of a letter from Mr Waring, dated September 4, 1906, he obtained an. offer from Messrs J. C. Bonner and Co., of Bond street place, to acquire the site by paying a premium of £20,000 in cash and a ground rent of £5500 a year. The sum thus obtained, Mr Harris explained, would capitalise at £78,000. On receiving a letter from Mr Harris announcing the offer Mr Waring wrote repudiating his authority to endeavour to dispose of toe property on those terms, which, Mr Waring asserted, were confined to a former scheme for disposing of the site. Mr Waring also stated in the letter that Mr Harris had been informed, after the first proposal had fallen through, that he would not entertain any offer of less than 6s a square foot. As there were 28,500 feet this would work out at £8550 a year, which at twenty years purchase would mean £171,000. Mr Harris said his commission on the sale amounted to £6500, and he claimed that sum. It was mentioned that in the end the site was acquired by the Y. M. O. A. The increase in the value •of the proprety was attributed to the •clearing away of an island site which affected the frontage. The hearing was adjourned.