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

Judgment 1Following 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. 2The 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. 3Final orders can otherwise be entered in each of the four appeals in the amounts agreed by the valuers.

Orders 4The 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. 5The 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. 6The 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. 7The 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 $78,000,00 $78,000,00 Less Letting Up Allowance - 25% of Gross Income - $7,574,000 $1,893,500 $1,893,500 Gross Realisation Adjusted for Letting Up Allowance $76,106,500 $76,106,500 Less Agents Fees on Sale $0 $0 Less Legal Fees on Sale $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 $30,515,204 $30,515,204 Structural Support - Not included $0 $0 Preliminaries at 26.2% incl. Contractors Margin $7,994,983 $7,994,983 Contingency @ 7.5% $2,888,264 $2,888,264 Fees on Costs @ 12.5% $5,174,806 $5,174,806 Rates and Taxes: (Land Tax @ 1.4 cents/$) (Council @1.516 cents in $) $631,228 $648,355 Development Contributions / Costs: $684,627 $684,627 Advertising & Promotion @ 1% $761,065 $761,065 Up Front Funding Cost @ $125,000 $125,000 $125,000 Less Interest On Construction @ 8% $3,256,476 $5,098,808 Less Funding GST BAS Period $48,224 $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