Richtech v Valuer-General [2004] NSWLEC 291

Land and Environment Court of New South Wales

CITATION : Richtech v Valuer-General [2004] NSWLEC 291 Applicant: Richtech Pty Ltd PARTIES : Respondent: Valuer-General FILE NUMBER(S) : 30920 of 2003; 30349-30374 of 2004 CORAM: Roseth SC KEY ISSUES: Valuation of Land :- development potential of land LEGISLATION CITED: CASES CITED: DATES OF HEARING: 24/05/2004 and 25/05/2004 DATE OF JUDGMENT: 06/22/2004

Mr F Wilson LEGAL REPRESENTATIVES: Mr J Maston, barrister instructed by Mr B Row of Crown Solcitor

JUDGMENT:

IN THE LAND AND ENVIRONMENT COURT OF NEW SOUTH WALES 30920 of 2003 30349-30374 of 2004

Roseth SC

22 June 2004 Richtech Pty Ltd Applicant

v

Valuer-General Respondent Judgment

Introduction 1 This is an appeal against the Valuer-General's determination of the owner's objection to the 2002 valuation of the following parcels of land: DP 14895 section 1, lots 4-6, 14 and 15 section 2, lots 10-36 section 3, lots 1-36 section 4, lots 1-18 section 5, lots 1-12 section 6, lots 1-4, 9-13 and 16-32 section 7, lots 1-32 section 8, lots 1-16; and DP 133919 , lot 1971.

2 The total area of the land is 29.7ha, of which 9.7ha is lot 1971 in DP 133919. The land was valued twice for the base date of 1 July 2002. It was valued on 14 October 2002 on one notice of valuation at $12,000,000 and reduced on objection to $2,900,000. A further 26 notices were issued (presumably superseding the earlier single notice), with valuation date of 7 August 2003, covering the same land as 26 separate properties with a total value of $7,535,000. The applicant contends that the true value is $1,042,000.