AMP Henderson Global Investors v The Valuer General [2004] NSWCA 264

Reported Decision : 134 LGERA 426

New South Wales Court of Appeal

CITATION : AMP Henderson Global Investors v The Valuer General [2004] NSWCA 264 HEARING DATE(S) : 13 July 2004 JUDGMENT DATE : 6 August 2004

JUDGMENT OF : Mason P at 1; Giles JA at 2; Tobias JA at 3 DECISION : (a) Appeals allowed; (b) Set aside the orders made by Cowdroy J on 18 February 2004 and 3 June 2004; (c) Order that the appeals be remitted to the Land and Environment Court for determination by that court in accordance with the decision of this Court; (d) The summonses of the respondent for leave to cross-appeal be dismissed; (e) Order that the respondent pay the appellants' costs of the appeals and of the summonses for leave to cross-appeal.

CATCHWORDS : REAL PROPERTY - Valuation of land - Improvements - Deducing land value component of improved sale - Depreciation of improvements - Rate - Whether single or variable - Whether some evidence of value - Comparable sales - Of improved land - Adjusting - Which sales relevant - Multi-storey CBD commercial buildings LEGISLATION CITED : Land and Environment Court Act 1979 (NSW) Valuation of Land Act 1916 (NSW) Leichhardt Municipal Council v Seatainer Terminals Pty Ltd (1981) 48 LGRA 409 CASES CITED : Maurici v Chief Commission of State Revenue (2003) 212 CLR 111 Maurici v Chief Commissioner of State Revenue (No. 5) (2001) 119 LGERA 395 Melwood Units Pty Ltd v Commissioner of Main Roads [1979] AC 426 AMP Henderson Global Investors Limited PARTIES : 255 George Street Investment A Pty Limited 255 George Street Investment B Pty Limited The Valuer General FILE NUMBER(S) : CA 40179/04; 40180/04 COUNSEL : Mr T Craig QC / Ms J Jagot Mr J Maston SC SOLICITORS : A: Mallesons Stephen Jaques, Sydney R: Crown Solicitors, Sydney