CPT Custodian Pty Limited and GT Management Pty Ltd & Others v Valuer General [2009] NSWLEC 1426

CPT Custodian Pty Limited and GT Management Pty Ltd & Others v Valuer General [2009] NSWLEC 1426

None of the comparable sales offered are directly comparable to the subject property, and the hypothetical development method provides the best basis for land value assessment in this instance. The court is not persuaded that the Valuer General's assessed land values at each base date are wrong.

Parties
Applicant: CPT Custodian Pty Limited; Applicant: GT Management Pty Ltd; Respondent: Valuer General
Jurisdiction
Australia
Judgment Date
18 December 2009
Procedural Posture
Appeal Under S 37 of the Valuation of Land Act 1916 / Final Judgment
Outcome
appeal dismissed
Legal Topics
Land Valuation, Comparable Sales Method, Hypothetical Development Method
Property Law Land Valuation Comparable Sales Method Hypothetical Development Method

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Parties

CPT Custodian Pty Limited

Applicant

GT Management Pty Ltd

Applicant

Valuer General

Respondent

Procedural Posture

Appeal Under S 37 of the Valuation of Land Act 1916 / Final Judgment

Legal Issues

  1. 1 What is the correct land value for Centro Bankstown site at the base dates 1 July 2005, 1 July 2006, and 1 July 2007 under s 6A(1) of the Valuation of Land Act 1916?
  2. 2 Should comparable sales or hypothetical development methods be preferred for valuation in this instance?
  3. 3 How do planning controls and land improvements affect the valuation?

Ratio Decidendi

None of the comparable sales offered are directly comparable to the subject property, and the hypothetical development method provides the best basis for land value assessment in this instance. The court is not persuaded that the Valuer General's assessed land values at each base date are wrong.

Court Disposition

appeal dismissed

Orders

  • The appeals are dismissed.
  • The documents produced on subpoena by Landcom, on a confidential basis, are to be returned to the respondent for transmission to Landcom in a sealed envelope.