Trust Company Limited ATF Opera House Car Park Infrastructure Trust No 1 v The Valuer-General (No 4)

[2011] NSWLEC 111

Land and Environment Court

New South Wales

Medium Neutral Citation:	Trust Company Limited ATF Opera House Car Park Infrastructure Trust No 1 v The Valuer-General (No 4) [2011] NSWLEC 111
Hearing dates:	Not applicable
Decision date:	28 June 2011
Jurisdiction:	Class 3
Before:	Pain J
Decision:	Final orders made
Catchwords:	PROCEDURE - making of final orders
Cases Cited:	Trust Company Limited ATF Opera House Car Park Infrastructure Trust No 1 v The Valuer-General (No 3) [2011] NSWLEC 85
Category:	Consequential orders
Parties:	Trust Company Limited ATF Opera House Car Park Infrastructure Trust No 1 (Applicant) The Valuer-General (Respondent)
Representation:	Mr J Maston (Applicant) Mr J Robson SC with Miss M Carpenter (Respondent) Addisons (Applicant) Crown Solicitor's Office (Respondent)
File Number(s):	30932, 30934, 30935 and 30936 of 2008

Judgment

1. Following judgment in Trust Company Limited ATF Opera House Car Park Infrastructure Trust No 1 v The Valuer-General (No 3) [2011] NSWLEC 85 the parties have provided the final calculations of their respective valuers based on the Court's findings. They have agreed the amount of land value which should apply for each of the four base dates the subject of the four appeals in these proceedings.

1. The valuers used different computer software to calculate land values and provided tables of their respective calculations. While the end result was agreed the calculations for the different variables applied by the valuers varied, as can be seen in the tables prepared by them. As these calculations may be of interest in the wider valuation community as well as to the parties, these tables are included as annexure A to this judgment.

1. Final orders can otherwise be entered in each of the four appeals in the amounts agreed by the valuers.

Orders

1. The Court makes the following orders in matter 30932 of 2008:

1.   The appeal is upheld.

2.   The decision to which this appeal relates is revoked.

3.   That the land valuation of lot 101 deposited plan 828946 (Land and Property Information Identification Number 2035948) as at 1 July 2004 is $8,925,000.

1. The Court makes the following orders in matter 30934 of 2008:

1.   The appeal is upheld.

2.   The decision to which this appeal relates is revoked.

3.   That the land valuation of lot 101 deposited plan 828946 (Land and Property Information Identification Number 2035948) as at 1 July 2005 is $10,650,000.

1. The Court makes the following orders in matter 30935 of 2008:

1.   The appeal is upheld.

2.   The decision to which this appeal relates is revoked.

3.   That the land valuation of lot 101 deposited plan 828946 (Land and Property Information Identification Number 2035948) as at 1 July 2006 is $11,425,000.

1. The Court makes the following orders in matter 30936 of 2008:

1.   The appeal is upheld.

2.   The decision to which this appeal relates is revoked.

3.   That the land valuation of lot 101 deposited plan 828946 (Land and Property Information Identification Number 2035948) as at 1 July 2007 is $15,475,000.

ANNEXURE A

VALUER'S RESULTANT FIGURES BASED ON JUDGMENT DATED 17 MAY 2011

ITEM	Land Value - Direction from Decision [2011] NSWLEC 85
Preston	Hill
Base Date 1/07/2004
Gross Realisation - 1,200 spaces @ $65,000/space Less Letting Up Allowance - 25% of Gross Income - $7,574,000	$78,000,00 $1,893,500	$78,000,00 $1,893,500
Gross Realisation Adjusted for Letting Up Allowance	$76,106,500	$76,106,500
Less Agents Fees on Sale Less Legal Fees on Sale	$0 $0	$0 $0
Net Realisation	$76,106,500	$76,106,500
Less Profit and Risk Allowance @ 20%	$12,684,417	$12,684,417
Balance Before Development Costs	$63,422,083	$63,422,083
Building Costs - Net cost @ BD 2004 is $30,515,204 Structural Support - Not included Preliminaries at 26.2% incl. Contractors Margin Contingency @ 7.5% Fees on Costs @ 12.5% Rates and Taxes: (Land Tax @ 1.4 cents/$) (Council @1.516 cents in $) Development Contributions / Costs: Advertising & Promotion @ 1% Up Front Funding Cost @ $125,000 Less Interest On Construction @ 8% Less Funding GST BAS Period	$30,515,204 $0 $7,994,983 $2,888,264 $5,174,806 $631,228 $684,627 $761,065 $125,000 $3,256,476 $48,224	$30,515,204 $0 $7,994,983 $2,888,264 $5,174,806 $648,355 $684,627 $761,065 $125,000 $5,098,808 $48,224
Total Development Costs	$52,079,879	$53,939,336
Balance Before Site Acquisition Costs	$11,342,205	$9,482,747
Less Site Acquisitions Costs Inc Land Interest	$2,467,881	$530,748
Residual Land Value	$8,874,323	$8,951,999
But Say Round To	$8,900,000	$8,950,000
Valuers Agreed to Adopt as at 1 July 2004	$8,925,000

ITEM	Land Value - Direction from Decision [2011] NSWLEC 85
Preston	Hill
Base Date 1/07/2005
Gross Realisation - 1,200 spaces @ $70,000/space Less Letting Up Allowance - 25% of Gross Income - $8,308,000	$84,000,00 $2,077,000	$84,000,000 $2,077,000
Gross Realisation Adjusted for Letting Up Allowance	$81,923,000	$81,923,000
Less Agents Fees on Sale Less Legal Fees on Sale	$0 $0	$0 $0
Net Realisation	$81,923,000	$81,923,000
Less Profit and Risk Allowance @ 20%	$13,653,833	$13,653,833
Balance Before Development Costs	$68,269,167	$68,269,167
Building Costs - Net cost @ BD 2004 is $30,515,204 + 4.5% Structural Support - Not included Preliminaries at 26.2% incl. Contractors Margin Contingency @ 7.5% Fees on Costs @ 12.5% Rates and Taxes: (Land Tax @ 1.7 cents/$) (Council @1.57 cents in $) Development Contributions / Costs: Advertising & Promotion @ 1% Up Front Funding Cost @ $125,000 Less Interest On Construction @ 8.25% Less Funding GST BAS Period	$31,884,989 $0 $8,353,867 $3,017,914 $5,407,096 $648,325 $715,359 $819,230 $125,000 $3,512,298 $51,985	$31,888,388 $0 $8,354,758 $3,018,236 $5,407,673 $861,250 $715,435 $819,230 $125,000 $5,798,414 $51,991
Total Development Costs	$54,536,063	$57,040,375
Balance Before Site Acquisition Costs	$13,733,103	$11,228,792
Less Site Acquisitions Costs Inc Land Interest	$3,051,627	$631,145
Residual Land Value	$10,681,477	$10,597,647
But Say Round To	$10,700,000	$10,600,000
Valuers Agreed to Adopt as at 1 July 2005	$10,650,000

ITEM	Land Value - Direction from Decision [2011] NSWLEC 85
Preston	Hill
Base Date 1/07/2006
Gross Realisation - 1,200 spaces @ $75,000/space Less Letting Up Allowance - 25% of Gross Income - $9,235,732	$90,000,000 $2,308,933	$90,000,000 $2,308,933
Gross Realisation Adjusted for Letting Up Allowance	$87,691,067	$87,691,067
Less Agents Fees on Sale Less Legal Fees on Sale	$0 $0	$0 $0
Net Realisation	$87,691,067	$87,691,067
Less Profit And Risk Allowance @ 20%	$14,615,178	$14,615,178
Balance Before Development Costs	$73,075,889	$73,075,889
Building Costs - Net cost @ BD 2004 is $30,515,204 + 11.30% Structural Support - Not included Preliminaries at 26.2% incl. Contractors Margin Contingency @ 7.5% Fees on Costs @ 12.5% Rates and Taxes: (Land Tax @ 1.7 cents/$) (Council @1.38 cents in $) Development Contributions / Costs: Advertising & Promotion @ 1% Up Front Funding Cost @ $125,000 Less Interest On Construction @ 8.50% Less Funding GST BAS Period	$33,968,661 $0 $8,899,789 $3,215,134 $5,760,448 $810,440 $762,107 $876,911 $125,000 $3,872,012 $57,059	$33,963,422 $0 $8,898,417 $3,214,638 $5,759,560 $876,350 $761,990 $876,911 $125,000 $6,395,617 $57,051
Total Development Costs	$58,347,562	$60,928,956
Balance Before Site Acquisition Costs	$14,728,327	$12,146,933
Less Site Acquisitions Costs Inc Land Interest	$3,340,504	$683,938
Residual Land Value	$11,387,823	$11,462,995
But Say Round To	$11,400,000	$11,450,000
Valuers Agreed to Adopt as at 1 July 2006	$11,425,000

ITEM	Land Value - Direction from Decision [2011] NSWLEC 85
Preston	Hill
Base Date 1/07/2007
Gross Realisation - 1,200 spaces @ $85,000/space Less Letting Up Allowance - 25% of Gross Income - $10,403,348	$102,000,000 $2,600,837	$102,000,000 $2,600,837
Gross Realisation Adjusted for Letting Up Allowance	$99,399,163	$99,399,163
Less Agents Fees on Sale Less Legal Fees on Sale	$0 $0	$0 $0
Net Realisation	$99,399,163	$99,399,163
Less Profit and Risk Allowance @ 20%	$16,566,527	$16,566,527
Balance Before Development Costs	$82,832,636	$82,832,636
Building Costs - Net cost @ BD 2004 is $30,515,204 + 19.10% Structural Support - Not included Preliminaries at 26.2% incl. Contractors Margin Contingency @ 7.5% Fees on Costs @ 12.5% Rates and Taxes: (Land Tax @ 1.6 cents/$) (Council @1.44 cents in $) Development Contributions / Costs: Advertising & Promotion @ 1% Up Front Funding Cost @ $125,000 Less Interest On Construction @ 8.75% Less Funding GST BAS Period	$36,336,289 $0 $9,520,108 $3,439,230 $6,161,953 $881,440 $815,226 $993,992 $125,000 $4,272,665 $62,887	$36,343,608 $0 $9,522,025 $3,439,922 $6,163,194 $1,169,300 $815,391 $993,992 $125,000 $7,826,573 $62,899
Total Development Costs	$62,608,789	$66,461,904
Balance Before Site Acquisition Costs	$20,223,847	$16,370,732
Less Site Acquisitions Costs Inc Land Interest	$4,679,391	$926,807
Residual Land Value	$15,544,456	$15,443,925
But Say Round To	$15,500,000	$15,450,000
Valuers Agreed to Adopt as at 1 July 2007	$15,475,000