16 Dec 2022
SILVERWOOD CORPORATION LIMITED v MINISTER FOR LAND INFORMATION [2022] NZHC 3483
- Citation
- [2022] NZHC 3483
- Court
- High Court
The High Court held the Tribunal erred by refusing a reserves credit for surplus reserve land in Lot 3 and by applying an unjustified 8.5% deferral rate rather than the 7.5% agreed by valuers; the Tribunal also erred in finding injurious affection to Lot 4 was entirely offset by betterment because there was no convincing evidence to establish and quantify such betterment; accordingly the Tribunal decision was set aside and substituted with the Court’s own assessment awarding Silverwood $1,155,000 for Lot 3 and $4,700,000 for Lot 4 (total $5,855,000), and the Crown's cross-appeal was dismissed.