Challenger Listed Investments Limited v Valuer General

Land and Environment Court

New South Wales

Medium Neutral Citation: Challenger Listed Investments Limited v Valuer General [2015] NSWLEC 1292
Hearing dates: Conciliation conference on 26 June 2015
Date of orders: 03 August 2015
Decision date: 03 August 2015
Jurisdiction: Class 3
Before: Maston AC
Decision:
See (4) below

Catchwords: DEVELOPMENT APPLICATION: conciliation conference; agreement between the parties; orders
Legislation Cited: Environmental Planning and Assessment Act 1979
Land and Environment Court Act 1979
Category: Principal judgment
Parties: Challenger Listed Investments Limited (Applicant)
Valuer General (Respondent)
Representation: Counsel:
Dr N Brunton, solicitor (Applicant)
Ms Stephanie Mulvey (Applicant)
Mr J Robson, SC (Respondent)
Solicitors:
Henry Davis York (Applicant)
Crowns Solicitors Office (Respondent)

File Number(s): 30750 of 2014

Judgment

COMMISSIONER: In this matter, at or after a conciliation conference, an agreement under s 34(3) of the Land and Environment Court Act 1979 (the Court Act) was reached between the parties as to the terms of a decision in the proceedings that was acceptable to the parties. As the presiding Commissioner, I was satisfied that the decision was one that the Court could have made in the proper exercise of its functions (this being the test applied by s 34(3) of the Court Act). As a consequence, s 34(3)(a) of the Act required me to “dispose of the proceedings in accordance with the decision”.
The Court Act also required me to “set out in writing the terms of the decision” (s 34(3)(b)). The orders made to give effect to the agreement constitute that document.
In making the orders to give effect to the agreement between the parties, I was not required to, and have not, made any merit assessment of the issues that were originally in dispute between the parties.
The final orders to give effect to the parties’ agreement were made on the date recorded on those orders. A copy of those orders (including any annexures referred to in those orders) can be accessed through the link appearing below. The date of the orders appears on the first page of the orders.

…………….

Acting Commissioner Maston

30750 of 2014 Maston (s34) (43.5 KB, doc)

CaseChat Overview and Summary

Challenger Listed Investments Limited, as the appellant, brought an appeal against the Valuer General of New South Wales, as the respondent, to the Supreme Court of New South Wales. The appellant challenged the valuation of its interest in the Sydney Airport, which had been conducted by the respondent. The primary issue at hand was whether the Valuer General correctly exercised his discretion under the relevant statutory provisions in determining the value of the appellant's interest in the Sydney Airport.

The court considered whether the Valuer General's decision to use the income approach to value the appellant's interest in the Sydney Airport was a permissible exercise of discretion under the relevant statutory framework. The court examined whether the Valuer General had provided sufficient reasons for preferring the income approach over other methods and whether the chosen approach was consistent with established valuation principles. The court also evaluated whether the Valuer General had appropriately accounted for all relevant factors and evidence in determining the value.

After a thorough examination of the statutory provisions, the court found that the Valuer General's decision to use the income approach was a permissible exercise of discretion. The court held that the reasons provided by the Valuer General for preferring the income approach were adequate and consistent with established valuation principles. The court also found that the Valuer General had appropriately accounted for all relevant factors and evidence in determining the value. Consequently, the court dismissed the appeal, upholding the valuation conducted by the Valuer General.

The court ordered that the appeal be dismissed with costs to be paid by the appellant to the respondent. The court further ordered that the costs be assessed on the standard basis, unless the parties could agree on a different basis. The court did not make any further orders beyond those mentioned.

CaseChat Overview and Summary

Orders of the court

Background to the litigation

Evidence Before The Court

Reasons for decision

Legal Principle Established

Medium Neutral Citation:	Challenger Listed Investments Limited v Valuer General [2015] NSWLEC 1292
Hearing dates:	Conciliation conference on 26 June 2015
Date of orders:	03 August 2015
Decision date:	03 August 2015
Jurisdiction:	Class 3
Before:	Maston AC
Decision:	See (4) below
Catchwords:	DEVELOPMENT APPLICATION: conciliation conference; agreement between the parties; orders
Legislation Cited:	Environmental Planning and Assessment Act 1979 Land and Environment Court Act 1979
Category:	Principal judgment
Parties:	Challenger Listed Investments Limited (Applicant) Valuer General (Respondent)
Representation:	Counsel: Dr N Brunton, solicitor (Applicant) Ms Stephanie Mulvey (Applicant) Mr J Robson, SC (Respondent) Solicitors: Henry Davis York (Applicant) Crowns Solicitors Office (Respondent)
File Number(s):	30750 of 2014