When valuing heritage-restricted land under s 14G(1) of the Valuation of Land Act 1916 (NSW), the valuer must assume that all necessary consents and approvals (including development consents and liquor licences) are in place for the continuation of the existing use; accordingly, comparable sales with such consents do not require downward adjustment. The Land and Environment Court's power under s 40(1)(b) to make a decision in place of the Valuer-General's determination does not extend to reducing a valuation when the court's own evidence-based findings establish that the land value exceeds the Valuer-General's determination. The question of whether land value under s 6A(1) should be determined on a GST-exclusive basis was left open.
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