Land Court of Queensland
LAND COURT OF QUEENSLAND CITATION: ING Office Custodian Pty Limited v Department of Natural Resources, Mines and Water [2007] QLC 39 PARTIES: ING Office Custodian Pty Limited (appellant) v. Chief Executive, Department of Natural Resources, Mines and Water (respondent) FILE NO: AV2005/0806 DIVISION: Land Court of Queensland PROCEEDING: An appeal against the unimproved value of an improved commercial property in the Central Business District of Brisbane. DELIVERED ON: 10 May 2007 DELIVERED AT: Brisbane HEARD AT: Brisbane MEMBER: Mr JJ Trickett, President ORDER: The appeal is allowed, the valuation of the Chief Executive is set aside and the unimproved value of Lot 1 on Registered Plan 122127, Parish of North Brisbane (140 Creek Street), is determined at Fifteen Million Five Hundred Thousand Dollars ($15,500,000). CATCHWORDS: Valuation - unimproved value - Central Business District improved commercial site - highest and best use - methods of valuation - direct comparison with sales - analyses of sales Valuation – statutory construction - Valuation of Land Act 1944 – unimproved value of improved land – method of valuation – relevance of sales – analyses of improved sales – comparability of sales for different purposes – heritage restriction on development APPEARANCES: Mr R Traves SC and Mr R Anderson, for the appellant Mr T Quinn and Mr S Fynes-Clinton, for the respondent SOLICITORS: Gadens Lawyers for the appellant Legal Services, Department of Natural Resources, Mines and Water for the respondent. [1] This is an appeal by ING Office Custodian Pty Limited (the appellant), against the unimproved value applied to its improved commercial land by the Chief Executive, Department of Natural Resources, Mines and Water (the respondent), as at 1 October 2003, under the provisions of the Valuation of Land Act 1944 (the Act).
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