Speculative Building
At Queen Square, Wood introduced speculative building to Bath. This meant that whilst Wood leased the land from Robert Gay for £137 per annum, designed the frontages, and divided the ground into the individual building plots, he sub-let to other individual builders or masons. They had two years grace in which to get the walls up and the roof on, after which they had to pay a more substantial rent. As Bath was booming, most plots were reserved before the two years were up, providing the builder with the necessary income to complete the house. Ultimately this meant less work and risk for Wood; in addition he received £305 per annum in rents, leaving him a healthy profit of £168 – the equivalent today (in terms of average earnings) of £306,000.
Read more about this topic: Queen Square (Bath)
Famous quotes containing the word building:
“We have our little theory on all human and divine things. Poetry, the workings of genius itself, which, in all times, with one or another meaning, has been called Inspiration, and held to be mysterious and inscrutable, is no longer without its scientific exposition. The building of the lofty rhyme is like any other masonry or bricklaying: we have theories of its rise, height, decline and fall—which latter, it would seem, is now near, among all people.”
—Thomas Carlyle (1795–1881)