Fivex Pty Ltd v Valuer-General [2014] NSWLEC 27

Fivex Pty Ltd v Valuer-General [2014] NSWLEC 27

For land at 376-382 New South Head Road Double Bay, present use for retail and commercial purposes was at all relevant dates permissible and highest and best use under the LEP. Assumptions in s 6A(2) are not engaged; land value should be determined solely under s 6A(1) with existing improvements notionally removed. Comparable sales analysis adopting a rate of $2,900/m² GFA produces land values for base dates of 2009 ($4,665,400), 2010 ($4,665,400), and 2011 ($4,782,000), each being lower than the Valuer-General’s determinations. The applicant discharged the onus imposed by s 40(2) Valuation of Land Act and appeals are allowed, with determinations revoked.

Jurisdiction
Australia
Judgment Date
28 March 2014
Procedural Posture
Appeal / Judgment
Outcome
Appeals allowed; Valuer-General's determinations revoked; land values determined for base dates 2009, 2010, and 2011 as specified.
Legal Topics
['land Valuation' 'appeal Against Land Value Determination' 'statutory Interpretation of S 6 a Valuation of Land Act']
['property Law' 'administrative Law'] ['land Valuation' 'appeal Against Land Value Determination' 'statutory Interpretation of S 6 a Valuation of Land Act']

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Procedural Posture

Appeal / Judgment

Legal Issues

  1. 1 ['Proper application of s 6A of the Valuation of Land Act 1916 (NSW)' 'Whether land value should be determined solely by reference to s 6A(1) or with assumptions under s 6A(2)' 'Appropriate land sales comparability for valuation' 'Method and nature of adjustment for time, location, size, zoning, and frontage']

Ratio Decidendi

For land at 376-382 New South Head Road Double Bay, present use for retail and commercial purposes was at all relevant dates permissible and highest and best use under the LEP. Assumptions in s 6A(2) are not engaged; land value should be determined solely under s 6A(1) with existing improvements notionally removed. Comparable sales analysis adopting a rate of $2,900/m² GFA produces land values for base dates of 2009 ($4,665,400), 2010 ($4,665,400), and 2011 ($4,782,000), each being lower than the Valuer-General’s determinations. The applicant discharged the onus imposed by s 40(2) Valuation of Land Act and appeals are allowed, with determinations revoked.

Court Disposition

Appeals allowed; Valuer-General's determinations revoked; land values determined for base dates 2009, 2010, and 2011 as specified.

Orders

  • ['Proceedings 31101 of 2012: Appeal allowed; decision revoked; land value for 1 July 2009 determined at $4,665,400.' 'Proceedings 31102 of 2012: Appeal allowed; decision revoked; land value for 1 July 2010 determined at $4,665,400.' 'Proceedings 31103 of 2012: Appeal allowed; decision revoked; land value for 1 July...