The Trust Company (Australia) Pty Limited atf Gateway Arthur Trust v Valuer General of New South Wales

File Number(s): 2024/355524

Publication restriction: Nil

Judgment

1. COMMISSIONER: This Class 3 application arises from the disallowed objection and subsequent appeal by the Applicant pursuant to s 37 of the Valuation of Land Act 1916 (Valuation Act) in respect of the Land Value for the Valuing Year 1 July 2023 of Lot 1 in Deposited Plan 630173 known as 100 Arthur Street, North Sydney (the Property).

Jurisdiction Pre-requisites

2. The Valuer General of New South Wales (VG) issued a Notice of Valuation in accordance with ss 14A and 14B of the Valuation Act to the Applicant for the Property in respect of the Valuing Year 1 July 2023 with a Land Value of $78,300,000.

3. The Applicant lodged an objection with the VG’s office to the issued Land Value pursuant to s 34 of the Valuation Act.

4. The VG partially allowed the Applicant’s objection pursuant to s 35B and issued a Notice of Determination to the Applicant as required by s 35C of the Valuation Act amending the Land Value to $66,375,000.

5. The Applicant lodged an Appeal to the Notice of Determination pursuant to s 37 of the Valuation Act in this Court on 25 September 2024.

6. The Land Value contended by the Applicant in the Appeal was $39,100,000.

7. The Land Value contended by the Respondent in the Appeal was $55,335,000.

8. The Court arranged a conciliation conference under s 34(1) of the Land and Environment Court Act 1979 (LEC Act) between the parties on 21 March 2025 and 10 April 2025.

9. I presided over the conciliation conference.

Section 34 Agreement

10. During the conciliation conference, the parties reached agreement as to the terms of a decision in the proceedings that would be acceptable to the parties (being a decision that the Court could have made in the proper exercise of its functions).

11. The terms of the decision agreed to by the parties were:

12. The appeal in proceeding number 2024/00355524 is upheld.

13. Pursuant to s 40(1)(b) of the Valuation of Land Act 1916, the Land Value of Lot 1 in Deposited Plan 630173, known as 100 Arthur Street, North Sydney, is determined to be $46,310,000 for the 1 July 2023 valuation year.

14. The Court notes that each party is to bear its own costs in relation to the proceedings.

15. I am satisfied that the parties’ decision is one that the Court could have made in the proper exercise of its functions, as required by s 34(3) of the LEC Act.

16. As the parties’ decision is a decision that the Court could have made in the proper exercise of its functions, I am required under s 34(3) of the LEC Act to dispose of the proceedings in accordance with the parties’ decision.

Orders

14. The Court orders:

15. The appeal in proceeding number 2024/00355524 is upheld.

16. Pursuant to s 40(1)(b) of the Valuation of Land Act 1916, the Land Value of Lot 1 in Deposited Plan 630173, known as 100 Arthur Street, North Sydney, is determined to be $46,310,000 for the 1 July 2023 valuation year.

The Court notes that each party is to bear its own costs in relation to the proceedings.

P Kempthorne

Acting Commissioner of the Court

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