Pyntoe Pty Ltd & Anor v Valuer General of NSW [2012] NSWLEC 1201

Pyntoe Pty Ltd & Anor v Valuer General of NSW [2012] NSWLEC 1201

The Court accepted the development potential evidence supporting a development of 160 sq m retail, four studio units, three one-bedroom units and three small two-bedroom units, and valued the land by applying agreed unit rates derived from the adjoining comparable sale at 508 Bunnerong Road. After adopting a 15% allowance for development approval, an 8% per annum timing adjustment, and a $176,750 net adjustment for the narrow site, the correct land value as at 1 July 2010 was $748,250.

Jurisdiction
Australia
Judgment Date
27 July 2012
Procedural Posture
Statutory Valuation Appeal / Class 3 Principal Judgment
Outcome
Appeal upheld.
Legal Topics
['land Value at Base Date' 'development Potential' 'comparative Sales Valuation' 'development Approval Allowance' 'parking Requirements']
['valuation Law' 'planning and Environment Law'] ['land Value at Base Date' 'development Potential' 'comparative Sales Valuation' 'development Approval Allowance' 'parking Requirements']

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Procedural Posture

Statutory Valuation Appeal / Class 3 Principal Judgment

Legal Issues

  1. 1 ['What was the land value of 506 Bunnerong Road, Matraville, NSW, as at the Base Date of 1 July 2010.' 'What development potential should be adopted for the property in valuing the land.' 'What adjustments should be made for development approval, timing of sale, and the narrow width of the site.']

Ratio Decidendi

The Court accepted the development potential evidence supporting a development of 160 sq m retail, four studio units, three one-bedroom units and three small two-bedroom units, and valued the land by applying agreed unit rates derived from the adjoining comparable sale at 508 Bunnerong Road. After adopting a 15% allowance for development approval, an 8% per annum timing adjustment, and a $176,750 net adjustment for the narrow site, the correct land value as at 1 July 2010 was $748,250.

Court Disposition

Appeal upheld.

Orders

  • ['The appeal is upheld.' 'The land value for the property at 506 Bunnerong Road, Matraville NSW, as at the Base Date of 1 July 2010 is $748,250.' 'The exhibits to be returned except exhibits A, B and 1.']