Norwest City Pty Ltd ATF Norwest City v Valuer General [2018] NSWLEC 50

Land and Environment Court New South Wales

Medium Neutral Citation: Norwest City Pty Ltd ATF Norwest City v Valuer General [2018] NSWLEC 50 Hearing dates: 26 to 29 March 2018 Date of orders: 13 April 2018 Decision date: 13 April 2018 Jurisdiction: Class 3 Before: Moore J Decision: (1) The appeal is upheld; (2) Pursuant to s 40(1)(b) of the Valuation of Land Act 1916, the value of Lot 5072 in Deposited Plan 878258 as at 1 July 2015 is determined as being $31,100,000; (3) The exhibits are returned; and (4) Costs are reserved. Catchwords: VALUATION - appeal against statutory valuation - valuation site zoned B2 - Local Centre - highest and best use agreed to be a large mixed use development combining retail, commercial and residential elements - town planners agree on gross floor area (GFA) yield from hypothetical redevelopment of the valuation site - differences between expert town planners as to the break-up of the GFA between the development types - rejection of portion of the Respondent's valuer's evidence - agreement by expert valuers that comparative sales analysis to derive an analysed rate per square metre of GFA was appropriate valuation approach - expert valuers disagreed on application of valuation approach - Applicant's valuer derives a single analysed, derived rate from sales to be applied to total GFA for the valuation site - Respondent's valuer derives separate analysed, derived rates from sales to be applied to different GFA components for the valuation site - Respondent's valuer's sales considered and rejected - piecemeal approach no longer relevant as a consequence - no need to resolve town planners' differences - Applicant's valuer's sales considered - one previously rejected as in common with the Respondent's valuer's sales - three remaining sales considered - two rejected - remaining sale provides sufficient basis for valuation comparison - Applicant's valuer's sales adjustments to be preferred over those of the Respondent's valuer - resultant rate per square metre of GFA to be applied to the valuation site shows lower base-date valuation - onus pursuant to s 40(2) of the Valuation of Land Act 1916 satisfied - lower valuation ordered in substitution for that subject of the appeal Legislation Cited: The Hills Local Environmental Plan 2012 Valuation of Land Act 1916, ss 6A and 40 Cases Cited: Brewarrana Pty Ltd v Commissioner of Highways (No 1) (1973-1976) 32 LGRA 170 Holcim (Aust) Pty Ltd v Valuer-General [2009] NSWLEC 225 Housing Commissioner of New South Wales v Falconer and Others [1981] 1 NSWLR 547 Leichhardt Council v Roads & Traffic Authority of NSW (2006) 149 LGERA 439; [2006] NSWCA 353 Category: Principal judgment Parties: Norwest City Pty Ltd ATF Norwest City (Applicant) Valuer General (Respondent) Representation: Counsel: Ms S Duggan SC/ Ms J McKelvey, barrister (Applicant) Mr R White and Ms N Hammond, barristers (Respondent)