Sydney Compulsory Acquisition Valuation
With the many developments the NSW government has planned for NSW, the chances you may need a compulsory acquisition valuation in Sydney have increased. Compulsory acquisition occurs when the government requires your property for the development of public infrastructure or buildings. This may be for new roads, railways, or airports.
When the compulsory acquisition of your land occurs, the government must make an offer for compensation under the Land Acquisition Act 1991. If you do not agree with the offer that has been made after the NSW Valuer-General has determined the compensation, then you have every right to lodge an objection with the Land and Environment Court. This is where a compulsory acquisition valuation by an independent valuer comes in.
For compulsory acquisition of land in NSW, the compensation valuation report must be accurate to the date the land was acquired. The valuer will have to perform a retrospective valuation that does not include any:
- Improvements or any devaluation that has occurred since the land has been acquired
- Proposed plans for improvements to be made on the land
- Increase in value that may be the result of any illegal activity or use of the land
There is a special consideration that may be assessed for the compensation for compulsory acquisition in NSW. If there is an added value to your property that is not included in its market value, a valuer will have to factor it into their compensation calculation. This is referred to as the Special Value of the land. This special value is an incidental advantage the landowner had and now is losing since the acquisition. For example, a restaurant owner also owns the neighbouring farm to provide a farm to table experience for their patrons, since the farm has been acquired, they lose a core part of their business and therefore have reason to make a claim for special value compensation.
Compulsory Acquisition Valuation Sydney
Valuations NSW is a well-regarded, Sydney-based valuation firm that has been recommended by many legal firms for compensation valuations. Compulsory acquisitions can be very stressful. Especially when you object to the valuation of the NSW Valuer-General. It can be a long and taxing process and the valuers of Valuations NSW strive to make the process easier.
We are an independent company. We put the needs of our clients first with every valuation. In this case, we will help you get fair and adequate compensation for the compulsory acquisition of your land. The valuation report is made with thorough research and objective facts. Its transparency and comprehensive nature will prove that our valuation is true.
We have the most qualified and experienced valuers on our team. Every one of our valuers has been working as a Certified Practising Valuer (CPV) for over 20 years. They have also been fully accredited by both the Australian Property Institute (API) and the Royal Institution of Chartered Surveyors (RICS). You can rely on their experience to help with your compulsory acquisition compensation.
For more information on how we can assist with compulsory acquisition, please contact us at (02) 8599 9863 or complete our online form.