Perpetual Limited v Valuer General [2013] NSWLEC 1227

Perpetual Limited v Valuer General [2013] NSWLEC 1227

The December 2010 sale of the site was a fully informed, arm's length, non-distressed transaction, providing the sufficient and appropriate basis for valuation. The deconstruction of the sale by the applicant’s expert appropriately accounted for all value elements, and no additional value should be attributed to excavation under the statutory definition as comparable sales evidence showed such improvements do not add value.

Jurisdiction
Australia
Judgment Date
06 November 2013
Procedural Posture
Appeal / Final Judgment
Outcome
Appeal upheld
Legal Topics
['comparable Sales' 'land Improvements' 'planning Controls' 'valuation Methodology']
['property Law' 'land Valuation'] ['comparable Sales' 'land Improvements' 'planning Controls' 'valuation Methodology']

Case Brief

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Procedural Posture

Appeal / Final Judgment

Legal Issues

  1. 1 ['Appropriate land valuation methodology under Valuation of Land Act 1916' 'Effect of planning controls and future planning regime on land value' 'Value attributable to excavation as a land improvement']

Ratio Decidendi

The December 2010 sale of the site was a fully informed, arm's length, non-distressed transaction, providing the sufficient and appropriate basis for valuation. The deconstruction of the sale by the applicant’s expert appropriately accounted for all value elements, and no additional value should be attributed to excavation under the statutory definition as comparable sales evidence showed such improvements do not add value.

Court Disposition

Appeal upheld

Orders

  • ['The appeal is upheld.' 'The value of Lot 21 in DP 732238 (known as the Gordon Centre and located at 802-808 Pacific Highway, Gordon) is determined to be $9,400,000 as at 1 July 2011.' 'The exhibits, other than Exhibit A, are returned.']