THE WORLD'S RICHEST SQUARE MILE

Taranaki Daily News, Volume LI, Issue 216, 5 September 1908, Page 3

THE WORLD'S RICHEST SQUARE MILE

Two hundred and fifty million pound-! That is the estimated capitalised value of property in the City of Undon proper to-day, and no other similar piece of land in the world can claim such .1 record. The City guardians have oniy jurisdiction over ground measuring one square mile, the annual rateable value of which, however, is nearly ,£7.ol)U,o(liP. As a matter of fact, land in the City of 1.011 lon ranges from ,£2l) to .£7O per foot, .lust to the east of the Mansion House, in Lombard Street, is an area of half an. acre which, before the present buildings were erected on the site two years ago, was valued at £1,1100,001) sterling. This works out at between ,•£SO and £OO per square foot. Nor is this the highest price that has been obtained for laud in the City. The situ at the corner of Threadneedlo .Street and Old Broad Street is reported to have been sold during recent times at .£7O per square foot. Twelve years ago the freehold ground rent of a block in Cornhill was sold at 11 price which worked out >■ t .■£•2.45:2,112:) per acre, while land in Cheapside has sold for £2O per square foot.

The fiftieth birthday souvenir of the F.states Gazette recently gave some interesting figures concerning land and property values in the City. Within forty years the whole of Crosby Square with some houses in front, and including Crosby Hall, was sold at auction upon the'rentals for about. £80.00.1. And now Crosby Hall, as a site alone, with two houses which formed part of the then existing properly, has realised £175.000. The £7 per foot given for the old Poultry Chapel in 1872 wouM probably realise three times as much to-day. There would be a similar increase in the price of a certain area in Cornhill which fetched £2O per foot some time ago. and which was then considered a high price.