AMP Henderson Global Investors Ltd and Ors v Valuer-General [2006] NSWLEC 16

Land and Environment Court of New South Wales

CITATION : AMP Henderson Global Investors Ltd and Ors v Valuer-General [2006] NSWLEC 16

31066 of 2002 FIRST APPLICANT AMP Henderson Global Investors Limited SECOND APPLICANT 255 George Street Investment A Pty Limited THIRD APPLICANT PARTIES : 255 George Street Investment B Pty Limited RESPONDENT Valuer-General 31069 of 2002 APPLICANT AMP Henderson Global Investors Limited RESPONDENT Valuer-General

FILE NUMBER(S) : 31066 of 2002; 31069 of 2002

CORAM: Cowdroy J

KEY ISSUES: Valuation of Land :- report of referees - whether report should be adopted - whether report contains errors of law - whether historic sales comparable - whether improved sales comparable - value of excavation - scarcity premium - depreciation rate to be adopted with respect to improved sales

LEGISLATION CITED: Supreme Court Rules 1970 Pt 72 rr 2, 13 Valuation of Land Act 1916 ss 4(1), 6, 6A

AMP Henderson Global Investors Limited & Ors v Valuer General; [2004] NSWLEC 19; AMP Henderon Global Investors v Valuer General (2004) 134 LGERA 426; Bankstown Football Club Ltd v CIC Insurance Ltd (1998) 10 ANZ Ins Cas 61-406; Blair and Ors v Curran and Ors (1939) 62 CLR 464; Blue Mountains City Council v Mulcahy (1998) 100 LGERA 193; Brewarrana Pty Ltd v Commissioner of Highways (1973) 32 LGRA 170; Collins and Anor v Council of the Shire of Livingstone (1972) 127 CLR 477; Homebush Abbatoir Corporation v Bermria Pty Ltd (1991) 22 NSWLR 605; Housing Commission of New South Wales v Tatmar Pastoral Co Pty Ltd and Anor [1983] 3 NSWLR 378; Leichhardt Municipal Council v Seatainer Terminals Pty Ltd and Anor (1981) 48 LGRA 409; CASES CITED: Maurici v Chief Commissioner of State Revenue (2003) 212 CLR 111; Maurici v Chief Commissioner of State Revenue [2005] NSWLEC 559; Melwood Units Pty Ltd v Commissioner of Main Roads [1979] AC 426; Minister Administering the Heritage Act 1977 v Haddad (unreported, CA(NSW), No 40577/90, 4 February 1991); Morrison v Commissioner for Main Roads (1964) 10 LGRA 314; Perry Properties Pty Ltd v Ashfield Municipal Council (No 2) (2001) 113 LGERA 301; Seven Sydney Pty Ltd v Fuji Xerox Australia Pty Ltd [2004] NSWSC 902; Sher v Commissioner for Main Roads (1975) 24 The Valuer 150; Super Pty Ltd (formerly known as Leda Constructions Pty Ltd) v SJP Formwork (Aust) Pty Ltd (1992) 29 NSWLR 549; Wilson v Madden (unreported, CA(NSW), 40313/91, 5 June 1992); Yates Property Corporation Pty Ltd (in liq) v Darling Harbour Authority (1991) 24 NSWLR 156