11 Nov 2011
MANDIC v THE CORNWALL PARK TRUST BOARD (INC) SC 4/2011
- Citation
- SC 4/2011
- Court
- Supreme Court
Majority held that (1) improvements are to be valued on an added-value basis and valuers may employ subtraction (valuing land as if unimproved) as an appropriate technique or cross-check; (2) the gross value of the fee simple for the rent formula is not constrained by existing development on the land (the lessee's as‑occupied state) and, consistent with Cox, the leasehold encumbrance is to be ignored for fee‑simple valuation in this rent‑setting context; and (3) the Declaratory Judgments Act was properly available to resolve the issues.