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Magically missing millions

July 16, 2016

I confess to being a mathematical novice, so I have to take the following monetary maze at face value.

It goes like this, thanks to the eagle eye and suspicious soul of a lady acquaintance of mine who I shall, for want of any reason, call Peggy.

Enter the above-mentioned maze via the Glenside sell-off .

Based on the sale of the 17 hectare land for $25.8million, with a potential for the erection of 1,000 homes, the result is a miniscule $26,000 per plot.Will, our informant asks (I suspect with tongue firmly in her cheek),  the developer use a more realistic price when the properties are sold?e

Meanwhile, not a million kilometres away to the south on Fullarton Road, is the 2.5 hectare Housing Trust  complex of Stow Court, with its 100-plus units.  S.C. could be worth up to $20million, but would only attract $3.75million using the Glenside mathematical equation.

Persistent Peggy has sent all the above jigsaw to  Local member Mr David Pisoni and Mr Tony Elmers of the Housing Trust  Tenants’ Association.

Meanwhile there is the little question  of what is REALLY going on behind the scenes at Stow Court. As Grumpy followers with long memories will know,. rumours about  the sound of not-too-distant bulldozers have been around for some years. Which is somewhat strange, given that  megabucks were  spent on an upgrade of most of the units only a decade ago.

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