Land and Environment Court New South Wales Medium Neutral Citation: Sydney Fish Market Pty Ltd v Valuer General of New South Wales [2024] NSWLEC 1029 Hearing dates: Conciliation Conference on 1 August 2023, 13 and 20 December 2023 Date of orders: 01 February 2024 Decision date: 01 February 2024 Jurisdiction: Class 3 Before: Kempthorne AC Decision: The Court orders: (1) The appeal is upheld. (2) The valuation of 56-60 Pyrmont Bridge Road, Pyrmont (identified as PID 3380476 in the 2020 Land Tax Assessment Notice) as at 1 July 2019, is $26,000,000. (3) No further order as to costs. Catchwords: VALUATION OF LAND – objection to issued Land Value – conciliation conference – agreement between the parties – orders Legislation Cited: Land and Environment Court Act 1979, s 34 Valuation of Land Act 1916, ss 14A, 14I, 34, 37 Category: Principal judgment Parties: Sydney Fish Market Pty Ltd (Applicant) Valuer General of New South Wales (Respondent) Representation: Counsel: R Lancaster SC (Applicant) R White (Respondent) Solicitors: HWL Ebsworth (Applicant) Crown Solicitors Office NSW (Respondent) File Number(s): 2021/98827 Publication restriction: Nil JUDGMENT 1. COMMISSIONER: This Class 3 application arises from the disallowed objection and subsequent appeal by the Applicant pursuant to s 37 of the Valuation of Land Act 1916 (Valuation Act) in respect of the Land Value for the Valuing Year, 1 July 2019, of Lot 1 Deposited Plan (DP) 74155, Lots 1 and 2 DP 125720, Lot 1 DP 734622, Lot 1 DP 836351 and Lot 2 DP 827434, known as 56-60 Pyrmont Bridge Road, Pyrmont (the Land). Jurisdiction Pre-requisites 1. The Applicant is the occupier of part of the Land pursuant to a 50-year lease which was executed on 31 October 1994 and commenced on 29 October 1994 between the Crown and the Applicant. 2. The Land is subject to s 14I of the Valuation Act. 3. The Valuer General of New South Wales (VG) issued a Notice of Valuation in accordance with s 14A of the Valuation Act to the Applicant for the Property in respect of the Valuing Year, 2019, with a Land Value of $52,200,000. 4. The Applicant lodged an objection with the VG's office to the issued Land Value pursuant to s 34 of the Valuation Act. 5. The Land Value contended by the Applicant in the Appeal was $0. 6. The Court arranged a conciliation conference under s 34(1) of the Land and Environment Court Act 1979 (LEC Act) between the parties on 1 August 2023, 13 and 20 December 2023. 7. I presided over the conciliation conference. Section 34 Agreement 1. During the conciliation conference, the parties reached agreement as to the terms of a decision in the proceedings that would be acceptable to the parties (being a decision that the Court could have made in the proper exercise of its functions). 2. The terms of decision agreed to by the parties were: 1. The appeal is upheld. 2. The valuation of 56-60 Pyrmont Bridge Road, Pyrmont (identified as PID 3380476 in the 2020 Land Tax Assessment Notice) as at 1 July 2019, is $26,000,000. 3. No further order as to costs. 1. I am satisfied that the parties' decision is one that the Court could have made in the proper exercise of its functions, as required by s 34(3) of the LEC Act. 2. As the parties' decision is a decision that the Court could have made in the proper exercise of its functions, I am required under s 34(3) of the LEC Act to dispose of the proceedings in accordance with the parties' decision. Orders 1. The Court orders: 1. The appeal is upheld. 2. The valuation of 56-60 Pyrmont Bridge Road, Pyrmont (identified as PID 3380476 in the 2020 Land Tax Assessment Notice) as at 1 July 2019, is $26,000,000. 3. No further order as to costs. P Kempthorne Acting Commissioner of the Court ********** DISCLAIMER - Every effort has been made to comply with suppression orders or statutory provisions prohibiting publication that may apply to this judgment or decision. The onus remains on any person using material in the judgment or decision to ensure that the intended use of that material does not breach any such order or provision. Further enquiries may be directed to the Registry of the Court or Tribunal in which it was generated. Decision last updated: 01 February 2024