VALUABLE LANDS IN LONDON

Temuka Leader, Issue 350, 5 February 1881, Page 3

VALUABLE LANDS IN LONDON

The value of laud in the city of London forcibly illustrated by the account of the futile efforts of the members of Lloyd’s to obtain a site for the new buildings which that Corporation propose to erect. Finding their present accomoda tion insufficient, the Underwriters instructed a Special Committee of their number to •> ascertain on what terms 53,000 superficial feet of land in the & north-west corner of the present site of \Leadenhall Market, comprisingjthe angel Gracechurch street and Leadenhall street, might be purchased. Their report is more cheerful reading to those who own land in London than to the less fortunate people who are compelled by the exigencies of business to buy it. Lloyd’s Committee in pursuance of their commission, addressed themselves to the City Lands Committee who are the i official tiustees of the property in question and thereupon ensued a lively controversy between the Underwriters and the Common Councilman, each party wishing the other to “make a price.’’ In the end the Committee of Lloyd’s offered L 200,000 for the freehold of 33,U00 feet. This being declined they raised their bid to L247.00U—a sum equivalent to L 7 10s .per square foot. But even this offer was declined, the City Lands t ommittee, at the same time, informing the Committee of Lloyd’s that they valued the ground in question at “ about L 350,000,” and had, ..moreover, determined to accept a proposal from the present to take it on a building lease. Under these circumstances the negotiations ended, and the Underwriters are still in search tor a site within a reasonable distance of the Bank of England, - which can be bought for something less than lo guineas the square foot.