Sales and Ors v Transport for NSW (No 3) [2022] NSWLEC 18

Sales and Ors v Transport for NSW (No 3) [2022] NSWLEC 18

The Court found that both the inclusion of the 5m wall returns and preference for a methodology balancing Profit and Risk Margin (25%) and IRR (16.5%)—as in Mr Dale's opinion—most accurately reflected market value, granting compensation in the sum of $6,503,924.35.

Jurisdiction
Australia
Judgment Date
11 March 2022
Procedural Posture
Compensation Proceedings / Consequential Orders Following Principal Judgment
Outcome
Applicants entitled to compensation in the sum of $6,503,924.35; parties to confer and provide agreed orders reflecting the findings.
Legal Topics
['valuation' 'market Value' 'residential Subdivision' 'amenity Protection' 'boundary Treatments' 'development Feasibility' 'profit and Risk Margin' 'internal Rate of Return']
['property Law' 'compulsory Acquisition'] ['valuation' 'market Value' 'residential Subdivision' 'amenity Protection' 'boundary Treatments' 'development Feasibility' 'profit and Risk Margin' 'internal Rate of Return']

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Procedural Posture

Compensation Proceedings / Consequential Orders Following Principal Judgment

Legal Issues

  1. 1 ['Whether the 5m masonry wall should include returns along boundaries in valuation' "Appropriate adoption of valuation 'hurdle rates' (Profit and Risk Margin/IRR) for hypothetical development method"]

Ratio Decidendi

The Court found that both the inclusion of the 5m wall returns and preference for a methodology balancing Profit and Risk Margin (25%) and IRR (16.5%)—as in Mr Dale's opinion—most accurately reflected market value, granting compensation in the sum of $6,503,924.35.

Court Disposition

Applicants entitled to compensation in the sum of $6,503,924.35; parties to confer and provide agreed orders reflecting the findings.

Orders

  • ['The parties are directed to confer and provide the Court with agreed orders reflecting the findings in the judgment of 1 September 2021 and the further short judgment of 11 March 2022 no later than 21 March 2022.' 'Applicants are entitled to their costs of the proceedings.']