Bondi Road Development Pty Ltd v Selected Properties Pty Ltd

Bondi Road Development Pty Ltd (the plaintiff) brought proceedings against Selected Properties Pty Ltd (the defendant) seeking specific performance of a joint venture agreement between the parties. The joint venture agreement related to the development of properties owned by both parties. The proceedings were settled, and the parties entered into a settlement deed. The plaintiff now seeks specific performance of the settlement deed, which the defendant contests. The court must determine whether certain terms were implied into the settlement agreement by statute and whether the defendant's notices to complete and terminate the agreement were effective.

The court examined whether s52A(2)(b) of the Conveyancing Act 1919 (NSW) and the Conveyancing (Sale of Land) Regulation 2017 (NSW) implied specific terms into the settlement agreement. The court found that these provisions were not applicable to the settlement deed, as it was not a contract for the sale of land but rather an agreement to perform a joint venture. The court further held that the defendant's notices to complete and terminate the settlement agreement were ineffective as they were not in the form prescribed by the statute. As a result, the plaintiff was entitled to specific performance of the settlement deed.

In conclusion, the court found in favour of the plaintiff and ordered specific performance of the settlement deed. The court held that the settlement agreement was not subject to the statutory requirements concerning land tax certificates, and the defendant's notices to complete and terminate the agreement were ineffective. The plaintiff was therefore entitled to specific performance of the settlement deed, which would require the defendant to perform their obligations under the agreement.