Section 2(8) of the Valuation of Land Act 1960 (Vic) requires heritage-listed land to be valued on the basis that it may be used only for the purpose for which it was used at the date of valuation, excluding any potential for change of use, improvement, or alteration of heritage restrictions. This may result in heritage-listed properties being valued at nil where restoration costs exceed the value of the property in its existing permitted use. The decision of the Land Valuation Board of Review in Brenchley Gardens Pty Ltd & Ors and City of Caulfield, which had allowed for potential change, was not followed.
The full text is available to signed-in members, including the 11 later cases that cite this judgment.
2 of the 11 citing cases carry a classified treatment. How each court treated it is available to signed-in members.