anybody wanna buy a brothel?

In 2003, many of us believed the hype that we were buying shares in the Daily Planet brothel business when in fact all PPN owns is a building.

Unfortunately PPN didn't get a "share of the action" but the fancy share certificates do look good framed on the wall. Even the 2002 Prospectus, with its interesting artwork, fetches a good price on EBAY as a collector item.

Five years down the track, the Horne St brothel has served its purpose and I think PPN should sell the building ASAP.

Although the brothel pays reasonable rental to PPN, the building has been a millstone around our necks because of the strict requirements of the Prostitution Control Act 1994.

Both PPN's building and the Daily Planet's business were up for sale together a few years ago but they couldn't find a buyer for either. Perhaps they should have another try as the brothel business seems quite profitable according to the figures provided to the selling agent, Knight Frank.

A PPN without the brothel is a far more attractive investment to everyone as PPN would then be solely in the hospitality industry.

The profitable Royal Melbourne Hotel lease gives PPN an air of respectability and investors can rationalise that Bar 20 is just another "bar" that makes heaps of money for them.

SO, DOES ANYBODY OUT THERE WANNA BUY A BROTHEL?