Adnow Pty Ltd (as trustee for the Adnow Pension Fund) v Greenwells Wollert Pty Ltd

In the case of Adnow Pty Ltd (as trustee for the Adnow Pension Fund) v Greenwells Wollert Pty Ltd, the dispute arose from the valuation of a parcel of land. The primary focus was on whether the determination made by the expert was a 'valuation' within the meaning of the Valuation and Property Standards and, if so, whether the Standards were applicable. The matter was heard in the Supreme Court of Victoria.

The legal issues that the court had to resolve involved the interpretation of the contract between the parties, specifically concerning the role of the expert in determining the value of the land. The dispute centred on whether the expert's determination constituted a 'valuation' as defined under the Valuation and Property Standards, and whether these Standards should have been applied to the determination process. The court also had to consider the implications of a planning scheme and ministerial approval on the valuation.

The court determined that the expert's determination was not a 'valuation' within the meaning of the Valuation and Property Standards, as it was made pursuant to a contract rather than independently. The court emphasised that the contract between the parties was the primary instrument governing the determination, and the Standards did not apply. Additionally, the court noted that the planning scheme and ministerial approval did not influence the nature of the expert's determination as a contractual obligation. Consequently, the determination was upheld as valid and binding under the terms of the contract.

The court's final orders reflected its determination that the expert's determination was not subject to the Valuation and Property Standards and was valid under the contract. The court did not require the application of the Standards to the determination, and the determination was upheld as binding on the parties.