Parkhurst is Sold
Once the decision had been made to buy the land that was to become Parkhurst, IW Schlesinger and the African Realty Trust (ART), wasted no time in transforming the land into a suburb or, as it was called in those days, a township. The farm was surveyed and subdivided into 2147 stands (plots) by Euan Curry in August 1903, officially purchased by the ART on 11 September 1903, and officially registered as a Johannesburg township in February 1904.
The ART started charging £100 a stand and offered purchasers the chance of paying it off at £10, 10 shillings a year for 9 years without any interest. It had cost them £46,019 if you include the £10,000 in transfer duties, legal fees and surveyors costs. That means that it had cost them just over £21 per stand. So on 2147 stands @ £100 each, the ART was hoping to make a total £214,700 or £168,681 gross profit which would show them a return of 476% on their money.