20 Nov 2009
MANDIC & OR V THE CORNWALL PARK TRUST BOARD HC AK CIV-2008-404-006222
- Citation
- openlaw-ce7ecd28_5dfa_4623_aacf_4a056e644296.pdf
- Court
- High Court
The court holds that the residual value on which ground rent is charged is equivalent to the vacant/unimproved market value of the land; gross (capital) value should reflect extrinsic land restrictions such as current zoning and town planning requirements but not restrictions arising solely from the lease or limitations affecting improvements; improvements must be valued on a market basis (with cost/replacement methods permissible as tests or aids where appropriate); arbitrators need not be required to identify in writing the respects in which they disagree because the umpire must make an ind…