LONDON LAND VALUES.

Dominion, Volume 1, Issue 118, 11 February 1908, Page 4

LONDON LAND VALUES.

' .ThV.'.rmatj^ljlbliwnncr., j%tae• of, land, in. .ponlral, London ■ increases- was .illus- , trated in am action brought, in-thf laWi courts 1-eccntl.v b.v Mr.. Arthur Harris, a Bond Street' ... cstato;;.ageitp'' against- 3fi\ >.iamuel: Waring, of < tho great 'Street: firiii'.of'Wa'rihgr Gillov. ' ■" • Miv'Hnrris 'sa'id' 1 tliat' sold 'some .'land fronting Tottenham Court' Koad, Bedford-Avenue, and Caroline .Street, . to .Mix Waring ■ for, J81250, .subjcct.to a ground* rent vo' the Duke of- Bedford'of' J&8fl0^t»--ycar:.*-'.• • Hufhimself was employed by Mr., Waring .to > act :'&s' agent '.for the sale of the...property") 1 , ■ schemes--- were "formed for': the 'acquisition of'' the site. for the. purpose, of building Turkish baths; ,m" opera'house',; and a 'French'' 1 th'i&tre. Acting; under 'the terms of 'a letter 'from- Mr.- . ■ Waring, dated September;.' 4- 190G,- ho" obtained an offer from' Messrs. Js-'O. Bonnon-and. C 0.,of Broad. Street, Palace- to acquire -tUc-.eite':by.. - paying' a premium: .0f£30,000.-in-cush;;and,' ground,rent.,of =£3500 a yeiir. ' The; , sum ' thus obtained, Mr. . Hards .«• • plained, would capitalise at i 78,000. ; On receiving' a letter from' Mr. Harris.an'- : noun'cihg 'the offer Mr. ;\Varing -wrote repudiating liis authority, to- endeavour to-disposo .: of .the pioperty- 011; th"o?o'', tei'ms, ;; which,'ltr; ■ Waring .asserted,,,weiw-confined/'to' : ;a ; ':formiJr ' scheme: for disposing ..of.-, the site „ , . ■> Mr. Waring also stated in the letter, that : :Mr.,,llarrU /had. been -informed*' after,; the-first.-- ■>; ■proposal had fallen through', that."ho, Would, not entertain 'auy : offer of ; less" than 'Gk: 'V'- . ' square foot.' ;-As •'.there we;-?' 28,500.."feet, '.thin would-* work oiit at -iWSO a -year, "which; 'at , ' twenty 'years' -purchase, would mean '.'£171,000/ '" ■. Mr., Hiirris-said his commisßiqiv'on^tbfc. ; sala' f amounted, to;<£0500, : and ho-claimed: that-sum. It was mentioned that in tho end--tliei sita was acquired :by the Y.M.O.A. The liicroasa in the,value of the property was attributed.,to the. clearing away, of an' - 'island -sito which,' affected the frontage.