All of them, those in power, and those who want the power, would pamper us, if we agreed to overlook their crookedness by wilfully restricting our activities.
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RECEIVERS for the failed Letten Group have recovered $13.31 million from the sale of an historic Flinders Lane office and retail building.
Savills agents Clinton Baxter and Nick Peden sold 167-173 Flinders Lane at auction yesterday, in front of a crowd of about 250 people.
The property, on the southwest corner of Hosier Lane, was previously controlled by Mark Letten and celebrity health expert Dr John Tickell, who paid $3.67 million for the asset in September 2001.
A permit to build four levels above the existing five-level structure, was approved in 2004. It’s not yet known whether the new and as-yet-undisclosed owners will exercise this development option.
Mr Baxter said that, based on the building’s fully let potential annual rental income of $636,000, the building sold on a yield of 4.8 per cent.
Property investor David Marriner, who owns the Forum Theatre behind 167 Flinders Lane, and who recently purchased the Church of Scientology’s outgoing Russell Street headquarters, bid at the auction but was unsuccessful.
Savills’Mr Peden said the price reflects a rate of $7090 per square metre of space, indicating confidence has returned to the sub-$20 million CBD office sector.