specialised valuations
Site Isolation Valuations
If any of your future development projects isolate adjoining properties (and restrict their re-development capacity) you will need to submit a Site Isolation Valuation in accordance with the "Planning Principals" in Karavellas v Sutherland Shire Council [2004] NSWLEC 587 with your Development Application.
Voluntary Planning Agreement Valuations
A Voluntary Planning Agreement (VPA) is a written agreement between a planning authority (such as a local council) and a property developer who has made or proposes to make a development application in which the developer agrees to make contributions to the authority.
Common forms of contributions that are provided under VPA's include (but are not limited to) the:
- dedication of land free of cost, which can include land outside the scope of the land to which the relevant application relates
- carrying out of works, such as the construction or upgrade of roads, stormwater infrastructure, playgrounds and community facilities, environmental works etc
As part of the VPA the value of any contributions must be determined by an independent Property Valuer.
A Class 3 Application to the Land & Environment Court for an "Order to Give Effect" to a Strata Renewal Plan for a "Collective Sale or Re-development" of a strata scheme under Section 179 of the Strata Scheme Development Act 2015 must be accompanied by a Valuation Report prepared by an independent Valuer.
The Valuation Report must assess the:-
- Market Value of the Whole Building and its Site (at its highest & best use) and
- Compensation Value of each Lot (for Collective Sales) or each Dissenting Owner's Lots (for Re-developments)
Under Section 154 of the Strata Scheme Development Act 2015 and Section 55 of the Land Acquisition (Just Terms Compensation) Act 1991, the Compensation Value includes:-
- Market Value
- Disturbance and where applicable:-
- Special Value
- Serverance
- Solatium
Social & Affordable Housing Rental Valuations
Under the National Rental Affordability Scheme Regulations 2020 (NRAS) and Affordable Rental Housing State Environmental Planning Policy 2009 (ARHSEPP), the market rental value of affordable and social housing must be assessed by an independent Certified Practising Valuer at the start of years 1, 5 and 8.
The relevant Community Housing Provider must submitted these valuations to the New South Wales Department of Communities and Justice (DCJ) with the relevant Annual Statement of Compliance.
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