31Compensation where no general market for interest taken

31 Compensation where no general market for interest taken

(1)  Compensation may be determined by disregarding the market value of subject land and by having regard to an amount ascertained as provided in subsection (2) if –

(a) that land was used for a particular purpose, other than the purpose of a principal residence, on the day on which the notice to treat, or the first notice to treat, in respect of that land was served; and

(b) the claimant has obtained other land in this State to be used for that particular purpose; and

(c) the claimant has obtained the approval of the Valuer-General to the obtaining of that other land; and

(d) like land being used for that particular purpose and with similar amenities is not available on the open market.

(2)  The amount referred to in subsection (1) is ascertained in accordance with the following formula:

Where –

A is the amount of compensation to be determined; and

C is the reasonable cost of acquiring the other land referred to in that subsection; and

E is the expenses incurred in acquiring that other land; and

RE is the expenses incurred, or likely to be incurred, by the claimant which are incidental to relocation, including the expenses incurred in establishing similar amenities to those which the subject land had; and

I is the amount by which the immediate financial position of the claimant has improved, or is likely to improve, due to the relocation.

(3)  The costs and expenses referred to in subsection (2) are to be ascertained as at the day on which, in the circumstances, it was or would be reasonably practicable for the claimant to incur the costs or expenses.