Australia, June 20 -- New South Wales Land and Environment Court issued text of the following judgement on May 19:

1. COMMISSIONER: The First and Second Applicants (the Applicants) appeal the Valuer General's Determination dated 13 August 2024 pursuant to s 37(1) of the Valuation of Land Act 1916 (Valuation Act) in respect of the valuation of the land value of the property legally described as Lot 102 in Deposited Plan 1076397, 40 Mount Street, North Sydney NSW 2060 (Land).

1) The proceedings fall within Class 3 of the Court's jurisdiction pursuant to s 19(b) of the Land and Environment Court Act 1979 (LEC Act).

2) The statutory power or function to be exercised in determining the proceedings are s 34(3)(a) of the LEC Act and s 40(1)(b) of the Valuation Act.

3) The Applicants appeal the determination of the Valuer General made on 13 August 2024 in respect of the objection made by the Applicant to the valuation of the land value of the land as of 1 July 2023.

Planning Background and Site Features

2. Relevant features of the land are as follows:

1) The Land is located on the northern corner of Mount Street, William Street and Wheeler Lane, within the suburb and Local Government Area of North Sydney.

2) The Land is a three street corner allotment. The subject land is slightly irregular in shape, though best described as rectangular. The natural topography of the land slopes down in an easterly direction.

3) The Land contains a southern boundary frontage of 77.43 metres to Mount Street, an eastern boundary frontage of 33.48 metres to William Street and a 29.63 metre western frontage to Wheeler Lane. The site area of the Land, identified in Deposited Plan 1076397, is 2,467 square metres.

4) The Land is situated within the commercial zoned area of the North Sydney CBD. Surrounding development comprises a mix of mid and high rise retail/commercial developments of varying age and construction style.

3. At both the date the valuation was made of 5 October 2023 and the valuation date of 1 July 2023, the Land was subject to the following planning controls:

1) North Sydney Local Environmental 2013 as amended;

2) North Sydney Development Control Plan 2013;

3) State Environmental Planning Policy (Housing) 2021.

Valuation objections and appeal

4. The valuation objection and history of the appeal includes:

1) On 9 January 2024, the Chief Commissioner of State Revenue issued a Land Tax Assessment Notice to the Applicants conveying particulars of the Respondent's valuation of the Land made in accordance with s 14A of the Valuation Act. The issued land value for the Land for the 1 July 2023 valuation year was $90,000,000.

2) On 9 March 2024 the Applicants lodged an objection, to the issued land value for the 2023 valuing year contained in the Land Tax Assessment Notice, with the Respondent pursuant to s 29(3A) of the Valuation Act.

3) On 13 August 2024, the Valuer-General disallowed the Applicants' objection in relation to the 2023 valuing year pursuant to s 35B of the Valuation Act and issued a Notice of Determination to the Applicants as required by s 35C of the Valuation Act.

4) On 3 October 2024, Applicants filed a Class 3 Application pursuant to s 37 of the Valuation Act appealing the Respondent's disallowance of its objection, within the required 60-day period pursuant to s 38 of the Valuation Act.

5) The Land Value contended by the Applicants in the appeal for valuation year 1 July 2023 was $67,194,000.

6) The Land Value contended by the Respondent in the appeal was the issued Land Value of $95,000,000.

*Rest of the document can be viewed at: (https://www.caselaw.nsw.gov.au/decision/196cc18bd93bfc2da673077f)

Disclaimer: Curated by HT Syndication.