Jessica Investments Pty Ltd v Valuer General [2008] NSWLEC 1375

Jessica Investments Pty Ltd v Valuer General [2008] NSWLEC 1375

The statutory land valuation should be varied to $25,000,000, as this amount is supported by the comparable sales method with reference to three relevant sales and is consistent with the feasibility analysis, with appropriate adjustment of inputs and consideration of the value of open space land.

Parties
Applicant: Jessica Investments Pty Ltd; Respondent: Valuer General
Jurisdiction
Australia
Judgment Date
19 September 2008
Procedural Posture
Appeal / Judgment
Outcome
Statutory valuation varied
Legal Topics
Comparable Sales Method, Residual Valuation Analysis, Subdivision of Land, Statutory Land Valuation
Valuation Law Property Law Comparable Sales Method Residual Valuation Analysis Subdivision of Land Statutory Land Valuation

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Parties

Jessica Investments Pty Ltd

Applicant

Valuer General

Respondent

Procedural Posture

Appeal / Judgment

Legal Issues

  1. 1 Appropriate methodology for statutory land valuation
  2. 2 Relevance of comparable sales and residual analysis
  3. 3 Valuation of open space land

Ratio Decidendi

The statutory land valuation should be varied to $25,000,000, as this amount is supported by the comparable sales method with reference to three relevant sales and is consistent with the feasibility analysis, with appropriate adjustment of inputs and consideration of the value of open space land.

Court Disposition

Statutory valuation varied

Orders

  • The statutory land value is varied from $26,000,000 to $25,000,000.