8 Jan 2009
PENNY\'S BAY INVESTMENT CO LTD v. DIRECTOR OF LANDS
- Citation
- PENNY\'S BAY INVESTMENT CO LTD v. DIRECTOR OF LANDS
- Court
- Court of Appeal
- Case number
- CACV177/2007
The Court allowed the appeal and held that compensation under the FSRO for extinguishment of proprietary marine rights is to be assessed by reference to the diminution in capital value attributable to the loss of those rights (notional purchase/difference in value approach), with the precise valuation issues (including the proper valuation date and the relevance of subsequent events such as de facto access, surrender and any ex gratia payment) remitted to the Lands Tribunal for determination; betterment arising from the acquiring scheme is not to reduce compensation absent statutory provision…