Under ss 98(1), 99(b) and 106(1)(a) of the Planning and Environment Act 1987 (Vic), compensable loss on the sale of reserved land must be established by reference to the circumstances of the actual sale, not by comparing hypothetical affected and unaffected market values divorced from the sale. Where a sale price reflects particular commercial circumstances (such as release from a development agreement and assignment of compensation proceeds), the landowner must demonstrate that the actual sale price was lower than what might reasonably have been expected in the same circumstances absent the reservation. Valuation evidence based on hypothetical open market sales that the owner could never have achieved due to pre-existing contractual constraints does not establish compensable loss.
The full text is available to signed-in members, including the 7 later cases that cite this judgment.
1 of the 7 citing cases carry a classified treatment. How each court treated it is available to signed-in members.