WORTH OF COLLINS STREET

Evening Star, Issue 18141, 4 December 1922, Page 3

WORTH OF COLLINS STREET

MELBOURNE’S CHIEF STREET. A SUM IN MILLIONS. It was a Government official (says the ‘ Argus ’) who shed some strange light on the value of land in the chief street of the city, Collins. street. That is, the. unimproved value, for that was the only aspect of the question that interested him. Divided by the intersecting streets, Collins street is separated into eight blocks, and the average unimproved value of the property in each block at per foot official purposes ran —Spencer and Ring streets, £175; King and William, £275; AVilliam and Queen. £500; Queen and Elizabeth, £800; The Block, £1,000; Swanson and Bussell, £300; Russell and Exhibition, £200; and Exhibition and Spring, £175. It has generally been supposed that each block is exactly one-eighth ox u mile in length, but they ail the same length. They average 5/oft. It was the same official who, in discussing the question of city land values, enunciated a strange theory. It was to the effect that the values fluctuated with the population of the State. “Tor instance,” ho said, “ supposing tho popular t-ion of tho State wore doubled, then from experience wo could safely estimate that the value of all the properties in the city would double. That was not a guess, but a statement founded on observations carefully made in the past, and carefully checked -by men whose business it was to make such observations. It is a theory that, if there ho anything in human nature, should form Lfio city properly owners into a band of the most enthusiastic immigration advocates in Australia; indeed, if it docs not move them to -aspire to double the population of the State, then nothing in the world will.” It seemed as though anything like, an estimate of tho value of Collins street involved labors of calculation equivalent almost to those of proving Einstein’s theory, until a municipal officer ca-ine to the rescue. His was not a suggestion that would bring the total anywhere near that accuracy of the last halfpenny that an auditor would demand, and perhaps the Land Tax Department would look upon it askance. But; the man who set out to buy the whole street would scarcely haggle over a few 11 mu sand pounds one way or another. That kindly officer pointed out tho means of obtaining the approximate rental value ot the whole street as a. basis to woik upon.

Apart, from some strenuous physical arithmetic, the rest- was easy, provided allowances were made tor the iac-i l-ha-l churches and municipal property are nol assessed for rates. It would appear that tho only time a, municipality realty forgets itself is when It is sending out rate assessments; while perhaps the only time some of the citizens really forget themselves is when they receive them. So the thing averages itself. There are three churches in Collins street with generous frontages, and, apart from the Town Hall, tho city owns the Western Markets; but a-s the purchaser of Collins street could hardly acquire these properties they may be Jett out of the calculations. However, at an, estimate that is reasonably close to the actual figures, the annua.! rental value of Collins street is about £375,000. To capitalise, this amount at 5 per rent, (and that is -a conservative, estimate), the purchaser of Melbourne's greatest street would require to find an amount of nearly £7.500.000! And the agent through whom the deal was carried om- would probably require medical treatment before ho recovered from the shock.

Louise: "I think one is as good as another.” Julia-: “You think all drresmakers are equal?” “Heavens, no! I thought you were talking about religions,'’

Lost no time in getting “XAZOL.” Clears out colds anl catarrh in double-quick lime. Coats less than a ha.’penny a dose.—[Arivt,]