Iris Diversified Property Pty Limited v Banrun Pty Limited

In the Supreme Court of Victoria, Iris Diversified Property Pty Limited (the vendor) filed a claim against Banrun Pty Limited (the purchaser) for the balance of a deposit and interest, as well as general damages for late payment. Banrun, in turn, filed a cross-claim against Iris, seeking damages for alleged defects in the premises and failure to deliver fixtures and included items. The dispute arose from the sale and purchase of a commercial property. The primary legal issues the court had to address were whether Iris was entitled to the balance of the deposit and interest, and if Banrun was entitled to damages for defects and non-delivery of fixtures. The court found that Iris was entitled to the balance of the deposit and interest, as the contract stipulated that the balance was payable upon the execution of the contract. Regarding the cross-claim, the court held that Banrun was not entitled to damages for defects in the premises, as the defects were not disclosed at the time of the sale and purchase agreement. The court further held that Banrun was not entitled to damages for the non-delivery of fixtures and included items, as the contract did not require the vendor to deliver those items. The court dismissed the cross-claim in its entirety. The court ordered Banrun to pay Iris the balance of the deposit and interest, as well as costs of the proceeding.