JP Morgan Trust v Valuer General [2006] NSWLEC 320

Land and Environment Court of New South Wales

CITATION : JP Morgan Trust v Valuer General [2006] NSWLEC 320

APPLICANT JP Morgan Trust Australia Limited PARTIES : RESPONDENT Valuer General

FILE NUMBER(S) : 30287, 30288, 30730 and 30731 of 2005

CORAM: Brown C - Tuor C

KEY ISSUES: Appeal :- valuation of land

LEGISLATION CITED: Valuation of Land Act 1916 Duties Act 1997

Toohey's Limited v Valuer-General [1925] AC 439; CASES CITED: James v Valuer General [1942] 7 The Valuer 132 ; Maurici v Chief Commissioner of State Revenue [2003] HCA 8

DATES OF HEARING: 18, 19, 20/04/06

DATE OF JUDGMENT: 06/23/2006

APPLICANT Mr A Galasso, barrister SOLICITORS Mallesons Stephen Jaques LEGAL REPRESENTATIVES: RESPONDENT Mr J Maston, barrister SOLICITORS Crown Solicitor

JUDGMENT: THE LAND AND ENVIRONMENT COURT OF NEW SOUTH WALES

Brown C with Tuor C

23 June 2006

30287, 30288, 30730 and 30731 of 2005

JP Morgan Trust Australia Limited v Valuer General

JUDGMENT 1 COMMISSIONERS: These are appeals against land valuations under the Valuation of Land Act 1916 by the Valuer General (the VG) for properties associated with the Oxley Mall at Bowral at Base Dates 1 July 2003 and 1 July 2004. The valuations group Lots 1 and 2 into one valuation and Lot 4 into a separate valuation (the subject site). The site 2 The two separate valuations relate to three lots, being Lots 1 and 2 in DP 262436 having a combined area of 1.093 hectares and Lot 4 in DP 262436 having an area of 1274 square metres. The lots are used as part of the Oxley Mall shopping centre. Lot 2 contains the shopping centre building and Lots 1 and 4 are used for at grade car parking. Lots 1 and 2 are separated from Lot 4 by a lane. Lot 3 (and other lots) provide car parking for Oxley Mall but are not part of the proceedings. 3 Oxley Mall is developed with a Coles Supermarket, 22 specialty shops and carparking. The Coles Supermarket occupies an area of 3076 square metres and the specialty shops occupy an area of 1859 square metres. The subject site is located on the north western corner of Boolwey St., and Bendooley St., immediately behind the retail strip along Bong Bong St. Surrounding development to the east is primarily residential dwellings with retail uses to the north, south and west. The basis for valuation 4 Section 6A of the Valuation of Land Act 1916 states: 6A Land value (1) The land value of land is the capital sum which the fee-simple of the land might be expected to realise if offered for sale on such reasonable terms and conditions as a bona-fide seller would require, assuming that the improvements, if any, thereon or appertaining thereto, other than land improvements, and made or acquired by the owner or the owner's predecessor in title had not been made. (2) Notwithstanding anything in subsection (1), in determining the land value of any land it shall be assumed that: