Riana Pty Ltd v Valuer General [2004] NSWLEC 336

Riana Pty Ltd v Valuer General [2004] NSWLEC 336

The applicant failed to discharge the onus to disturb the industrial component valuation but succeeded in demonstrating the commercial element was overvalued due to inappropriate time adjustments; a modest discount (2.5%) for mixed use is justified. The total land value should be adjusted accordingly.

Parties
Applicant: Riana Pty Ltd; Respondent: Valuer General
Jurisdiction
Australia
Judgment Date
23 April 2004
Procedural Posture
Valuation Appeal / Judgment After Hearing
Outcome
Appeal upheld; valuation substituted
Legal Topics
Land Valuation, Appeal Against Land Value Determination, Special Lease, Valuation Methodology, Comparative Sales, Discount for Mixed Use
Property Law Land Valuation Appeal Against Land Value Determination Special Lease Valuation Methodology Comparative Sales Discount for Mixed Use

Case Brief

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Parties

Riana Pty Ltd

Applicant

Valuer General

Respondent

Procedural Posture

Valuation Appeal / Judgment After Hearing

Legal Issues

  1. 1 Whether the valuation of Special Lease 1978/1 (Lot 369 in DP 257052) at $2,400,000 should be disturbed
  2. 2 How to value the commercial and industrial elements of the land
  3. 3 Appropriate adjustments for sales comparisons and time

Ratio Decidendi

The applicant failed to discharge the onus to disturb the industrial component valuation but succeeded in demonstrating the commercial element was overvalued due to inappropriate time adjustments; a modest discount (2.5%) for mixed use is justified. The total land value should be adjusted accordingly.

Court Disposition

Appeal upheld; valuation substituted

Orders

  • The appeal is upheld.
  • Pursuant to s 41(b) of the Valuation of Land Act 1916, the valuation of $2,185,000 is substituted for that of $2,400,000 for special lease 1978/1 Port Macquarie land district over lot 639 in deposited plan 257052.