High land values limited further development until the late 1880's.
The way I figure it, time plays a part in land values, too.
You may be interested in this piece on land value and taxes.
Land values have not increased much since the council bought the ground.
"With land values so high, everybody wants to cash in."
The old assessment was based on a combination of 1938 building costs and 1964 land values.
They now realize that land values have risen as a result.
"I don't see the potential for a major disruption in land values over the next five years," he said.
One basis of this model is 'the more accessible the site, the higher its land value'.
This was followed by significant gains in land values, population and economic status.