Village Fair Toowoomba Pty Ltd v Chief Executive, Department of Natural Resources

Village Fair Toowoomba Pty Ltd appealed against the Chief Executive, Department of Natural Resources concerning the annual valuation of land in Toowoomba's Central Business District (CBD). The Chief Executive had valued the subject land at $4.5 million, which Village Fair contested, arguing that the unimproved value should be $3 million. The Land Court was required to decide whether the valuation was accurate and if Village Fair's claims of market changes, relativity, and comparison of sales had merit.

The Court considered the evidence provided by both parties, focusing on market changes due to the establishment of large drive-in shopping complexes, the relativity of the land's value compared to other properties in the area, and the comparison of sales of similar properties. The Court noted that the market had indeed shifted, with a decline in income levels and pedestrian traffic, and that the subject land had lost major tenants to the newer Grand Central Complex. However, the Court found that the evidence provided by Village Fair was not sufficient to demonstrate a 30% decline in unimproved value. Instead, the Court determined that a fair and reasonable estimate of the impact was a 20% decline in value. Consequently, the Court set aside the Chief Executive's valuation and determined the unimproved value of the subject land at Three Million Six Hundred Thousand Dollars ($3,600,000).