Australia, June 7 -- New South Wales Land and Environment Court issued text of the following judgement on May 6:

1. On 8 June 2023, the plaintiff as vendor entered into a contract for sale of land with the defendant as purchaser in relation to an off the plan purchase of a residential apartment in Point Piper (the Property). The purchase price was $16.5 million.

2. A ten percent deposit was payable in two instalments. The date of completion under the contract was 18 July 2023.

3. The first instalment of the deposit of $825,000 was paid, but the defendant failed to pay the second instalment of $825,000 by 18 July 2023. This second instalment was due to be paid on the earlier of the date of completion, being 18 July 2023, or the date on which the plaintiff demanded payment in the event of default.

4. On 19 July 2023, the plaintiff served the defendant with a notice requiring payment of the balance of the deposit by 26 July 2023. A notice to complete was served on the same day requiring completion by 7 August 2023. The defendant failed to comply with both notices, and, on 8 August 2023, the plaintiff terminated the contract.

5. Following termination, the plaintiff engaged a real estate agent to put the Property back on the market. A contract for sale was finally entered into on 11 November 2024 to sell the Property to a new purchaser for $12,820,000. I describe the marketing, or more accurately re-marketing, of the Property in a little more detail below.

6. These proceedings were commenced on 1 September 2023. The plaintiff alleges breaches of contract and sought both liquidated and unliquidated damages.

7. On 9 April 2024, the Court made orders for substituted service. At no stage has the defendant taken any active step in the proceedings.

8. On 22 November 2024, Peden J relevantly made the following orders, for the reasons given by her Honour:

1) Pursuant to rule 16.6(1) of the Uniform Civil Procedure Rules, judgment for the plaintiff against the defendant for $825,000 and interest in the sum of $91,938.67, and costs as agreed or assessed.

2) Pursuant to rules 16.7(1) and 30.1 of the UCPR, judgment for the plaintiff against the defendant for damages as referred to in the statement of claim filed 1 September 2023, interest and costs to be assessed at a trial to be allocated at a directions hearing on 7 February 2025.

9. Her Honour also made orders for personal service to be dispensed with and for the relevant documents to be served on the defendant at an address set out in the orders made.

10. Now before the Court is the plaintiff's hearing for an assessment of its unliquidated damages.

*Rest of the document can be viewed at: (https://www.caselaw.nsw.gov.au/decision/196b248ad0e72167aa9444c1)

Disclaimer: Curated by HT Syndication.