Land Acquisition or Resumption
It’s not unusual for government entities and private enterprise to acquire land to be used for development.
In New South Wales, local and state governments have the authority to acquire land for a range of public purposes at anytime. If you are a landowner affected by a forced acquisition or resumption, it’s important to get an independent valuation to assist in fair negotiations of compensation. In some cases, the cost of an independent valuation will be reimbursed by the acquiring party.
In addition to providing professional advice regarding compulsory acquisition from relevant government departments, McSS has extensive expertise if mediation or court hearing attendance is required.
The acquisition of land is based on The Land Acquisition Act 1991, under the Land Acquisition (Just Terms Compensation) Act. This Act provides the legislative basis for determining the amount of compensation to which a person is entitled in matters of land acquisition. Under Section 55 of the Act there are a number of factors which determine compensation amounts and these include:
- the market value of the land – including increase or decrease caused by various factors
- special value of the land – in addition to market value
- loss attributable to compulsory acquisition of land; reduction in market value and compensation
- loss attributable to disturbance; legal costs, valuation fees, financial costs associated with relocation, stamp duty costs, financial costs associated with mortgages and financial costs reasonably incurred
- compensation for non-financial disadvantage
- owner-initiated acquisition where it has been determined that the owner will suffer hardship.
An honest and personal approach
McLennan Steege Smith (McSS) has been assessing and valuing property for well over 25 years and is well respected within the Sydney property industry.
We are proud of the fact that much of our business is built on repeat clients and referrals.
We offer the following benefits:
- Registered valuers with extensive experience and formal qualifications
- Adherence to stringent industry standards and a rigorous code of ethics
- Accurate, independent and effective reports
- Obligation-free quote based on your personal needs
- Guaranteed turnaround times to meet the requirements of courts
- Ongoing communication and personal service where you deal directly with the valuer
- In-depth knowledge of the Sutherland Shire, St George and the Sydney metropolitan area.
Contact us now
McLennan Steege Smith has worked with many clients on matters relating to compulsory land acquisition and valuation. To find out how we can help you please contact us today.