Executive Forum: Assessment of "Market Value" for Compensation (N170817)
The classic definition of market value, contained in the “Spencer Case”, is not the same as “Market Value” as defined in s.56(1)(a)-(b) and s.61 of the Land Acquisition (Just Terms Compensation) Act 1991. This different approach to assessing market value required under the Act means that the traditional “highest and best use” has to be ignored. In addition, the amendments coming into force on 1 March 2017 have also changed the definition of market value at s.56(3) for specific properties.
Join us as Peter Dempsey FAPI from Dempsey Valuation and Advisory and Ian Hemmings, Barrister, Martin Place Chambers explain this crucial difference when undertaking Just Terms Compensation assessments.
Professor John Sheehan AM, LFAPI will act as moderator for the forum.
Who should attend: Property developers, property financiers, property lawyers, valuers, asset managers, property researchers, development advisors, Local and State Government agencies, property advisors
Ian Hemmings SC
Martin Place Chambers
Ian Hemmings was admitted to the Bar in 1996 and appointed Senior Counsel in October 2013.
Prior to coming to the Bar Ian was at Allen Allen & Hemsley for 4 years, and Tipstaff to Justice Noel Hemmings of the Land and Environment Court of NSW.
Since coming to the Bar his practice has focused on matters relating to Valuation, Local Government and Planning and Environmental Law. His practice has him regularly appearing in the Land and Environment Court of NSW and in appeals from that Court to the NSW Courts of Appeal and the High Court of Australia.
Ian was educated at The King's School and obtained his legal studies through the Solicitors and Barristers Admission Board, the University of Sydney Law Extension Course.
Ian was President of the Environment and Planning Law Association (NSW) Inc and a member of the Land and Environment Court User's Group from 2012-2015; and a member of EPLA since 1993.
Director, Dempsey Valuation and Advisory
Peter provides independent expert advice in relation to real estate advisory and dispute matters relating to assessment of the value of real estate assets. Peter acts as an expert witness in litigation matters, including those involving the Land Acqusition (Just Terms Compensation) Act 1991 that involve valuation principles across a range of real estate types within his expertise knowledge and experience. Another key focus area is the commercial office sector and in particular the Sydney CBD where Peter provides valuation and independent advice in relation to rent reviews, rental determination and capital values. Peter also presents lectures to students in valuation principles, the rent review and determination process, and compulsory acqusition in courses conducted by NSW University, UTS and the PCA.
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