SAMM Property Holdings Pty Ltd v Shaye Properties Pty Ltd [2016] NSWSC 497

Supreme Court New South Wales

Medium Neutral Citation: SAMM Property Holdings Pty Ltd v Shaye Properties Pty Ltd [2016] NSWSC 497 Hearing dates: On the papers; submissions received 6, 11, 15 and 18 April 2016. Decision date: 22 April 2016 Jurisdiction: Equity - Expedition List Before: Stevenson J Decision: Defendant entitled to interest on purchase price until completion; interest provision not a penalty; defendant entitled to costs but not on an indemnity basis. Catchwords: CONTRACT – whether interest payable by purchaser to vendor on purchase price of rectified contract - meaning of "in accordance with the provisions herein" of a rectified contract – whether provision for interest a penalty; COSTS - Calderbank offer – whether offer involved significant compromise – whether vendor unreasonable not to accept offer Cases Cited: Andrews v Australia and New Zealand Banking Group Ltd [2012] HCA 30; 247 CLR 205 Issa v Berisha [1981] 1 NSWLR 261 Legione v Hateley [1983] HCA 11; 152 CLR 406 SAMM Property Holdings Pty Ltd v Shaye Properties Pty Ltd [2016] NSWSC 362 Texts Cited: J D Heydon, M J Leeming and P G Turner, Meagher, Gummow & Lehane's Equity Doctrines and Remedies, (5th ed 2015, Lexis Nexis) Category: Procedural and other rulings Parties: SAMM Property Holdings Pty Ltd (Plaintiff) Shaye Properties Pty Ltd (Defendant) Representation: Counsel: G George with J Bennett (Plaintiff) M P Cleary (Defendant)

Solicitors: Reimer Winter Williamson (Plaintiff) Newhouse & Arnold Solicitors (Defendant) File Number(s): SC 2015/322545