Australia, June 3 -- New South Wales Land and Environment Court issued text of the following judgement on May 5:

1. COMMISSIONER: The Applicant appeals the Valuer General's Determination dated 29 July 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 38 in Deposited Plan 868462, 73 Miller Street, North Sydney 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 Applicant appeals the determination of the Valuer General made on 29 July 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:

3. The Land is located on the northeastern corner of Miller and Blue Streets and Gas Lane, within the suburb and Local Government Area, of North Sydney.

4. The Land is a three street corner allotment and is generally regular in shape, other than a splayed corner to Miller and Blue Streets. The natural topography of the subject land slopes down in a south easterly direction.

5. The Land contains a western boundary frontage of 32.28 metres with splay corner to Miller Street, a southern street frontage of 38.05 metres to Blue Street, an arc frontage to Miller and Blue Streets of 19.05 metres, and a northern frontage of 51.80 irregular metres to Gas Lane. The site area of the Land, as stated in Deposited Plan 868462, is 2,324 square metres.

6. 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.

7. At both the date the valuation was made (DVM) of 25 August 2023 and the valuation date of 1 July 2023, the Land was subject to the following planning controls.

a) North Sydney Local Environmental Plan 2013 as amended,

b) North Sydney Development Control Plan 2013,

c) State Environmental Planning Policy (Housing) 2021.

Valuation objections and appeal

8. 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 Applicant 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 was $95,000,000.

2) On 8 March 2024 the Applicant 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 29 July 2024, the Valuer-General disallowed the Applicants' objection in relation to the 2023 valuing year pursuant to s 35B and issued a Notice of Determination to the Applicant as required by s 35C of the Valuation Act.

4) On 14 November 2024, the Applicant lodged an appeal pursuant to s 37 of the Valuation Act in respect of the 2023 valuing year in this Court, outside the 60-day period imposed by s 38(1) of the Valuation Act.

5) On 22 November 2024, the Court made orders allowing the Applicant to continue the appeal after the expiry of the 60-day period imposed by s 38(1) of the Valuation Act pursuant to s 38(2) of the Valuation Act.

6) The Land Value contended by the First Applicant in the appeal for valuation year 1 July 2023 was $34,550,000

7) The Land Value contended by the Respondent in the appeal was $43,540,000.

*Rest of the document can be viewed at: (https://www.caselaw.nsw.gov.au/decision/1968e942f0c94256b4aec7ea)

Disclaimer: Curated by HT Syndication.