22 Dec 1983
REDHILL PROPERTIES LTD v. DIRECTOR OF ENGINEERING DEVELOPMENT
- Citation
- REDHILL PROPERTIES LTD v. DIRECTOR OF ENGINEERING DEVELOPMENT
- Court
- Lands Tribunal
- Case number
- LDMT5/1983
In the exceptional factual circumstances (rare character of property, absence of true comparables, agreed refurbishment hypothesis) the residual method was the best valuation method; gross receipts for the six flats were assessed at $25,471,375, refurbishment costs and deferment were deducted and a 15% allowance for profit and risk applied given the short 13.5 month development period, producing a rounded compensation award of $16,000,000 with statutory interest from 10 August 1981.