Maboh 18, 1899.
THE ESTATES GAZETTE
440
this case, and settled the claim on the basis of a rental of £70 a year. This would give to the claimant a profit rental of £10 a year for the period which the lease had to run.
The Arbitrator reserved his award.
No. 23, CLARE-STREET,
On Tuesday, the claim of Lewis Gabriel, in respect of the freehold of No. 23, Clare-street, let on lease for 16 years at £55 rental, was gone into, Mr. Oourthope Munro representing the claimant.
Mr. Louis Solomon, valuer, gave a total of £1,243 15s., and valued the land at Is. 6d. per foot and 25 years’ purchase.
Mr. Frederick J. Ball, valuer (of the firm of Cooke, Baines and Ball, 48, Finsbury-circus), gave the following figures: —
£ f. d.
Rental £55 per annum for ]6 year« *it 5 per cent., lOf years'purcbas■' ..	..	.. 591 5 o
Less one year at £50 ..	..	..	.0 0 5 .׳
Reversion to £75, after 30 years’ life, on 5 per cent, tables. 15( years’ purchase, less 10f—44
years ................. .	..	337 10 0
Value of land—650ft. at Is. 6d. per foot, £4815s., at 4 per cent., 25 years’ purchase, less 15J—
9f years............................... 475 6 3
Total ..£1,399 1 3 POE THE COUNTY COUNCIL.
Mr. Edgar Harper, P. A.S.I., assistant valuer to the Council, said the property was on the condemned area. He put the rent of £55 at 17 years’ purchase, £935 10s. The land wa!s worth Is. per foot.
Mr. J. H. Townsend Green, surveyor (of the firm of Weatherall and Green, 22, Chancery-lane, W.O.), said he took the rent of £55 at 6 per cent., 16§ years’ purchase, £917. The premises were not in good internal repair. He considered Is. per foot and 24 years’ purchase, £780, and £20 for materials, a good price for the site.
Mr. Herbert Furber, F.S.I., was also retained.
The Arbitrator reserved his award.
121, DRURY LANE.
In the case of Barrow’s Trustees with regard to the freehold of No. 121, Hrury-lane, let on lease for 21 years from 1887 at a rent of £112 per year, lessee paying rates and taxes and doing repairs,
Mr. B. I’Anson Breach, F.S.I. (Messrs. Farebrother, Ellis and Co., 29, Fleet-street, E.C.), said the area was 1,888ft., which he had taken at Is. 6d. per foot, or a rent of £141. He gave the following valuation: —
Rent under lease £112, for a term of 9£ years unexpired, taken on the 4 per cent, table, worth 776־ years’purchase ..	..	..	£gg9
Value of land as a building site, worth per annmm £14°;takea on 4 per cent, table deferred for years (and including one year for re-building I0i years), worth 1625־ years’ purchase 2 275 Present value of ־׳Id building material at end of 9£ years, sufficient to clear the gi ound..	.,	_
Total ..	.. £3,144
Mr. Edmond F. B. Fuller (Messrs. Fuller and Fuller, Queen-street, E.C.) also gave evi-dence.
FOR THE COUNTY COUNCIL.
Mr. Andrew Young, F.S.I., valued the rent of £112 for years at 5 per cent., 7¿ years’ purchase, £840. On the reversion to land, the area of 954ft. he put at Is. per foot, £47 14s. ; the remaining area, 920ft., at 6d. per foot, £70 14s. ; together, £70 14s., at .25 years’ purchase, £1,767 10s. He deducted for land tax, £3 8s. 3d., at 30 years’ purchase, £102 7s. 6d., and produced £1,665 2s. 6d., which he deferred for 9¿ years at 4 per cent,, .688, giving £1,146. With the £840, this made his total £1,986.
Mr. Herbert Furber, F.S.I., and Mr. Leslie Yigers, F.S.I., also gave evidence.
The Arbitrator reserved his award.
No. 25, CLARE-STREET.
On Thursday, the case of Church Trustees, owners of No. 25, Clare-street, was heard.
Mr. Edward Boyle, Q.C., and Mr. Scott-Fox (instructed by Messrs. Church, Rendell, Todd and Co., 9, Bedford-row) represented the claimant®.
It appeared that the house •was practically reconstructed in 1886, and was then let on lease to a theatrical costumière at £80 a year, who sub-let to weekly tenants at £159 18s. a year, including £1 Is. per week for rooms in lessee’s occupation. The lease expired in 1893, but owing to the ■scheme an agreement could only be made to continue the premises on a yearly tenancy at the ,same rent. In 1894, the drains were put in order.
Mr. G. Humphreys-Davies, F.S.I., of 8, Laurence Pountney-hill, E.C., said that knowing the demand which existed for small business premises within a limited radius of the Strand, he thought■ ■there would be no difficulty in letting No. 25, Clare-street at £100 a year on lease. Property had increased in value m the district since 1893. The gross annual income he took at £159 ,18s., estimated the portion occupied by the lessee at £1 Is. per week. Ht deducted £113 Is. for outgoings, leaving a ! profit rental of £46 17s. These facts confirmed his view that he could get a rental of £100 a
FOR THE COUNTY COONCIL.
Mr. Corrie Grant said the claimant, in December, 1896, gave a new term of lease at a time when he was aware that the site was to be taken by the Council, but under section 21 of the Act he contended the Arbitrator was prevented from awarding compensation for it, although the Council would have to acquire this separate interest because it existed.
Mr. Samuel Walker, F.S.I. (Messrs. Walker and Son, Aloorgate-street׳, E.C.), said the Angel-court property was held at a rent of £120 for nine months, which he valued at £90, and at £160 for the remainder of the term, which he capitalised at six per cent., 16 years’ purchase, £2,560. It was very old property, quite 100 years old, although money had been spent upon it, and the whole site used for warehouses was worth more than when used singly for houses. He took the site of three houses, 1,400ft. at Is. 3d. per foot, giving a rental of £87 10s., and the site of No. 12, 450ft. at Is. per foot, £22 10s. ; together £110 at 24 years’ purchase, £2,640 ; deducting land tax, made his ;otal £2,489. For No. 25, Blackmoor-street, he capitalised the rent of £70 at 18 years’ purchase, giving £1,260; and Nos. 8 and 10, Kemble-street, rent £100 a year at 5¿ per cent., 18 years’ purchase, £1,800 ; and added ten per cent., £180; making £1,980.
Mr. Andrew Young, F.S.I., valuer to the London County Council, capitalised the rental of £160 for Angel-court at 17 years’ purchase, less three-quarters of year's rent, giving £2,690 ; for the value as land, he took 1,854ft. at Is. 3d. and Is. per foot, and 25 years’ purchase, £2,649. The rent of No. 25, Blackmoor-street, he took at 18 years’ purchase, and deducted the excess rent for a short period ; and capitalised the rent reserved of Kemble-street at 17 years’ purchase, and added ten per cent. His total came to £5,812.
Mr. Leslie Yigers, F.S.I. (Messrs. Yigers and Co., Old Jewry, E.C.), took the Blackmoor-street rental of £160 at 18 years’ purchase ; Ivemble-street, at 18 years’ purchase and ten per cent., £1,980; and Angel-court, 16 years’ purchase of the rent reserved. He had also dealt with the site values at Is. 3d., Is., and 6d. per foot.
Mr. F. W־. McKinney, in the employ of the London County Council, proved the amounts received in rents by the books of the lessees.
Mr. Macmorran said the very fact of the district surveyor moving under the Dangerous Structures Act proved that the expenditure made recently was necessary, and therefore under section 21 the claimant w׳as entitled to have the market value of to-day, although the property was put into a good condition after the service of the Council’s notice. If the London County Council had chosen to pay the lessee £50 for the new term that did not affect the claimant.
The Arbitrator reserved his award.
No. 106, DRURY LANE.
In this case Mr. Bernard Lely represented the lessee, Mr. F. T. Hunt, a stationer and newsagent, and stated that the business was an old-established one, known as Cox’s, which was almost historical, having been started in 1817 by Benjamin Webster, the actor, and carried on for many years by Mr. Hunt. The net profits had been agreed at £378 14s. 3d. per annum ; the fixtures at £50 ; and depreciation of stock at £100. The lease had 10¿ years unexpired, the rent being £60. The claimant occupied the ground floor and basement, and let the upper floors at £55 15s. per annum. Counsel contended that the goodwill of the business would be entirely destroyed, and that not less than three years’ purchase of the net profits was adequate compensation. His position was exactly similar to a case under the Lands Clauses Act, and at any rate he was entitled to an allowance of the cost of moving into new premises.
Mr. Corrie Grant submitted that reinstatement could not be claimed under the Act in question.
The Umpire said he should take the advice of a legal assessor if necessary.
Mr. Francis T. Hunt, the claimant, said No. 106, Drury-lane, was rebuilt in 1886. He had been unable to find other premises in the vicinity at a reasonable rent compared to his present premises.
Air. Thomas B. Westacott, auctioneer and valuer, of Camden-road, NAY., said he took the profit rental of £40 8s. 4d. at six per cent, for 10¿ years, giving 7| years’ purchase, or £310. The whole premises would readily let for £100 a year. He had sold several newspaper businesses, and thought two years’ purchase of the net profits in this case was fair, as the goodwill would completely vanish.
Air. Horace G. Holmes, stationers’ agent (Alessrs. Holmes and Son, 33, Paternoster-row), said the fair market value of the business between a willing vendor and purchaser was two years’ purchase of the net profits.
FOR THE COUNTY COON 1L.
Air. Herbert Furber, F.S.I. (Alessrs. Furber, Price and Furber, 2, Warwick-court, Holborn, W.C.), said he had acted for the freeholder in
London” was tried before Air. Under-Sheriff Burchell and a Special Jury at the Sheriff's Court, Red Lion-square, on Friday, Alarch 10.
Air. C. A. Cripps, Q.C., M.P., and Air. Patrick Rose-Innes (instructed by Alessrs. F. Wickings Smith and Son) appeared as counsel for the Governors; and Air. G. AI. Freeman, Q.C. (instructed by Air. C. E. Alortimer) represented the Board.
The claim was in respect of six houses, Nos. 10, 11, 12, 13, 14 and 15, Coborn-street, Alile End-road, Bow, copyhold of the manor of Stebunheath, the site occupying nearly three-quarters of an acre of ground. The Board took possession in January, 1898, under an award of £890, made by Air.“P. H. Clarke, F.S.I., of 2, Lancaster-place, Strand, who was appointed by Air. Vaughan, the magistrate, in accordance with the 85th section of the Lands Clauses Act, and who valued the property at this figure.
Mr. Edmond F. B. Fuller (Alessrs. Fuller ■and Fuller. 70, Queen-street, E.C.), gave evidence on behalf of the Governors that the property in reversion was worth £260 per annum, which was equivalent to 2d. per foot annual value, but as the same being let on lease would only produce to the claimants for the next 18 years £6 a year, his aggregate valuation amounted to £4,070.
Air. George Elkington, F.R.I.B.A., of Cannon-street, supported this valuation.
Air. Joseph Stower, surveyor and valuer, of 43, Chancerv-lane, was also retained.
FOE THE SCHOOL BOABD.
Air. Howard Alartin, F.S.I. (Alessrs. Thur-good and Alartin, 27, Chancery-lane), gave the following valuation : —-
,For land, taken—Ground Bents amounting together to £6 per annum for 194 years, capitalised on the three per cent, table, 14-6
years’ purchase ....................... £87
Eeversion after 194 years—Six houses at £32 a year each, with land 80ft. deep, £192; deduct for repairs, etc., 15 per cent., £29; leaves £153, ־wnich, capitalised and deferred for 194 years on the 54 per cent, table, 65־
years’ purchase ....................... 1.C59
Back land, 20,360ft., at 14d. per foot, = per annum, £127; being unsecured, capitalised and deferred after 194 years on five per cent, table, 7? years’ purchase .......... 984
£2,130
Less cost of enfranchisement, say ........ 300
£1,830
Add ten per cent, forced sale .................. 183
Total ............... £2,013
Mr. Charles P. AVhiteley, F.S.I., of 82, Queen-street, E.C., valued at £1,938; and Air. Arthur Hunt, F.S.I. (Alessrs. Hunt and Steward, Parliament-street), at £1,718.
Counsel on either side having addressed the Court, the jury returned a verdict for £3,225.
THE CLARE-AIARKET IA1PROVEMENT SCHEAIE.
At the offices of the Strand District Board of AVorks, in Tavistock-street, Covent-garden, on Monday and following days this week, Air. H. T. Steward, F.S.I. (Alessrs. Hunt and Steward, 45, Parliament-street, S.W.), the Arbitrator appointed to decide the value of properties compulsorily taken by the London County Council in connection with the Glare-market and Strand improvement scheme, under the provisions of the Housing of the Working Classes Act, 1890, continued a series of enquiries.
Nos. 3, 4, 5 and 12, ANGEL-COURT, etc.
In respect of Nos. 3, 4, 5 and 12, Angel-court, No. 25, Blackmoor-street, and Nos. 8 and 10, Kemble-street, owned by Air. Isaacs, Air. Macmorran, Q.C., and Air. R, Cunningham Glen appeared for the claimant; and Air. Corrie Grant (instructed by Air. E. C. Davies) represented the County Council.
Air. J. Chadwick, surveyor (Alessrs. Chadwick and Sons, auctioneers and surveyors, 34 and 35, St. Alartin’s-lane, W.C.), said he valued the ground rent of the Angel-court property at 2s. per foot, or £4,300. There were four houses on the land worth a rental of £50 per year each, producing £200 a year, which he dealt with at 24 years’ purchase, £3,840. No. 25, Blackmoor-street, he took at £70 a year, and allowed 23 years’ purchase, £1,610 ; Nos. 8 and 10, Kemble-street, rent £100, he put at 25 years’ purchase, £2,500; as a building site the value was 2s. per foot, which, at 25 years’ purchase, gave £4,225. Witness considered the property worth more as building sites than as houses.
Air. G. H. B. Glasier, F.S.I. (Messrs. Glasier and Sons, auctioneers and estate agents, 7, St. James’s-street, S.W.), handed in a similar valuation.
Air. Walter Simms, F.S.I. (of Alessrs. J. and R. Kemp and Co., 27, Albany-street, N.AV.), valued the Angel-court property at £3,200 (£160 a year at 20 years’ purchase) ; No. 25, Blackmoor-street, at £1,400 ; and Nos. 8 and 10, Kemble-street, at £3,146; total £7,746. Air. Simms said that altogether £420 had been spent on the Angel-court property, which was close to Covent-garden and fronting on the wide new direct thoroughfare without interference with light.
Alessrs. Hyman and Clarke, lessees, were also called to prove the rentals obtained.
Compntsaitntt (lasts.
LEASEHOLD SHOP IN THE STRAND.
At the Guildhall, AA7estminster, on Friday, the High Bailiff of Aliddlesex, Air. Troutbeck, and a jury determined the compensation payable to Airs. F. L. Davis in respect of the leasehold shop, No. 266, Strand, acquired by the London County Council.
Air. G. Al. ־Freeman, Q.C., and Air. Lewis Coward represented the claimant; and Air. Edward Boyle, Q.C., appeared for the London County Council.
Air. Freeman, Q.C., said the property comprised a corner shop and premises situated on the island of buildings between the Strand and Holywell-street, opposite St. Clement Dane’s church. The claimant was lessee of the premises, which were sublet by her to various occupations. In 1851 the rent paid was £120 per annum, but it was gradually increased until in 1895 it was raised to £220 per annum, a lease being granted for seven years expiring in 1903. Formerly the business carried on was that of a hatter, hut the claimant determined to give up the business and let the shop. Directly the notice board was put up, the London County Council served a notice to treat. She had since let one part of the shop to Messrs. Jones and Co., tobacconists, at £12 10s. per four weeks; and the remainder to a tailor at £90 a year. In 1861 the three upper floors were let to a firm of engravers at £100 a year, and as they were personal friends of the claimants the rent had remained the same until the present time. Counsel contended that the letting value of these floors was £150 a year, and gave the total claim as £598 13s. 6d., including £25 for fixtures.
Air. B. I’Anson Breach, F.S.I. (of Alessrs. Farebrother, Ellis and Co., 29, Fleet-street, E. C.), said he considered the three upper floors were worth £150 a year, and there was no doubt he could get that sum if they were to let. The light and situation were quite unique, the rooms having a north-east aspect; they were approached by a separate staircase, and were specially advantageous for certain trades. His valuation was as follows : —-Bents: ground floor, £162 10s. per year;
tailor’s shop, £90; and upper floors,
£150 ................................... £402 10 0
Deduct outgoings, including head rent £220 and repairs £10 ..................... 282 15 11
Profit Bental ........... £119 14 1
For 54 years at six per cent., years’ purchase ........................................ 4i
508 14 10
Add ten per cent............................ 50 17 6
Total ............ £559 12 4
Air. Breach added that anyone would give £150 for the upper floors and spend money on them. He had acted for the present tenants, who were willing to take a lease at £150 a year.
Air. Walter Hall, F.S.I., 38, Chancery-lane, W.C., said he had no hesitation in saying he could let the upper premises at £150 a year. His total was very similar to that of the previous witness.
FOE THE COUNTY COUNCIL.
Air. Edmund Farmer, F.S.I. (Messrs. Deben-liam, Tewson, Farmer and Bridgewater, 80, Cheapside, E.C.), said his figures were; —
Net rental .................................... £270
Chief rent ..................................... 220
Profit rental..................... 50
For 4i years (from next Lady Day) at six per cent., years’ purchase .................. 365־
182
Add ten per cent................................. 18
Total .......................... £200
Air. Farmer said he had put the rental of the upper floors at £120 a year. The lease was not a saleable property.
Air. G. A. Wilkinson, F.S.I., of 7, Poultry, E.C., said he treated the profit rent of £50 at 3¿ years’ purchase, £175, and added ten per cent,, producing £192 15s. He had also dealt with the property on the basis of the rents obtained, viz., £352, and deducted head rent, actual rates, and £15 for repairs, leaving a profit rent of £60 a year, which, at 3¿ years’ purchase, gave £210, and with ten per cent., £231. He had managed much property around there, and could say £100 was enough for the upper floors. It was the shop which had improved in rental value.
Air. J. H. Townsend Green, surveyor (member of the firm of Weatherall and Green, 22, Cliancery-lane), said he estimated that there was a profit rental of £54 10s., which he treated at six per cent, for 5¿ years, his total, with ten per cent., being £269״ In the open market tiie lease was practically of no value. He took the property as he found it. If put in repair— they were not in good repair when he saw them —£110 or £120 might be obtained for the upper floors. The position was of great importance and the light excellent, which was taken into consideration when the rent was fixed.
The jury a־warded £500.
SIX HOUSES AT BOW.
The case of “ The Governors of the Stepney and Bow Foundation v. The School Board for