A HUGE LAND SALE

Greymouth Evening Star, 29 January 1914, Page 8

A HUGE LAND SALE

RUNNING INTO MILLIONS. I)UKK' OF BEDFORD'S ESTATE. (London correspondent of Sydney Morn ing Herald; telegraphed from Fro ma.itle.) A land tale such us London has neve, before known has just been concluded The Duke of Bedford has disposed of hi: Coveut Garden property to Mr Harrj Mallaby Deeley, M.P., for Harrow Divi sion of Middlesex. The price obtained has not been stated, but it must run into millions, and exceed by an enormous sum that given for any other single property. The announcement, which _ has been made on the authority of Maurice Beadel, who acted for the Duke of Bedford, is that Mr Mallaby Uoaley has purchased the whole of the Duke of Bedford's Covent Garden estate. J.he sale includes such well-known properties as Covent Garden Market. Drury Lane Theatre, Royal Open. House, 'Waldorf Hotel, Aldwych Theatre. Mraißl Theatre, Bow Street t'olice Court several well-known printing offices, am the National spotting Club. There is ; Royal box at the Royal Opera House ami also Drurv Lane I heatre, tlie Strand, am Aldwych Theatre. The properties are situated in no fewei than 26 streets as follows :—Al,dwych, Bedford Court, Bedford street. Boat street Broad Cotut, Burleigh street, Catherim street, Chandos street. Cross Court. Crown Court, Drury Lane, Exeter street Kioial street, Garrick street, HenrietU street, James street, King street, Longacre, Maiden lane, Martlett Court, New street, Southampton street, Tavistock street, Wellington street, and York street. The estate is freehold, and extends to about 19 acres.

It has been decided that the price at which the property has passed to Mr Mallaby Deeley will not be disclosed. Early in the present year the Duke of Bedford offered to sell two and a-quarter ceres of his Bioomsmny estate as a_ site for proposed new buildings of the University of London. The price asked was £210,000, or l-our.ci-.r, —'-£0 per llt -" ■ On this basis the value of f'ov-ant Garden area would be about £IXOO C,T, ; but when, it is remembered thai th? annual rental of Covent Garden Market is £2IOOO, .and that upon the property stand four theatres, hotels, and other important buildings, it is obvious that the figure west be far hio-her. In addition to rental?, the Duke of" Bedford has a right to levy tolls on vegetables, flowers, and fruit exposed for sale in the market, as well as on hundreds of carts, which mostly in the early hours of the morning bring in the produce to be dealt with by stallholders. From Ho, source he receives something like £IO.UJJ a year Cherries are charged by the sieve, the amount being a halfpenny, while for oranges the toll is 4d a. chest or 2d a box. The methods of assessing rents to stallholders is by the square foot. Books might be written about the Covent Gardon estate, which (he Duke of Bedford has sold en bloc, so rich is the ground >n history and tradition. Some ot the best known buildings, streets, and byways are recalled below in association with the famous men who in the earlier days have criven them celebritv. Johnson and Sheridan and Dryden. Harley and Russell. Garrick and Foote and KembJe—the

lames bring to mind a phase of life and .voi'k in a great city which in interest is second to none.

Mr Mallaby Deeley is the second son :f Mr. W. Clirke Deeley. of Curzon Park Chester. He i- s 50 years of age, and was ■ducated at Shrewsbury and Trinity College. Cambridge, where he took law honours. In 1835 he was called to the Bar by the Timer Temple, but has not practised. Mr. Mallaby Deeley is, however, •ometimes heard in Parliament. Formerly he was an assistant secretary to Mr. clenrv Chaplin.

This is by no means the first large deal in property in which Mr H. Mallaby Deeley has been concerned, although it greatly exceeds in magnitude all his predion: "transactions of the kind. Besides bein" the owner of a number of golf :oursos. he has within the last few years '.equircd a number of important properties in London, on which hotels or residential buildings are erected or about to be erected! He first came into considerable prominence in 1909, when he wa.s at the head of the syndicate that bought Piccaiillv Hotel. The price was said to be 850*0.000. II" w;is "' so the purchaser of St. James's Court, a large block of flats ; n Buckingham Gate. The price paid was £250.000. Since then he has effected the purchase of two other 'arge projects.