Scott, have pretty much come to the same conclusions however time is of the essence as our business plan was to buy & develop the property.
At this stage only advise given is a state government letter indicating that "Cross River Rail" project has been endorsed by government and if approved mid next year that our property is directly impacted.
We have met with the government representatives and they inform us that the project is still not funded and any CA could be months away. Normally they resume just prior to commencement which could be 12 to 24 months. Who would know…….
Catch 22. Assumable outcome if we proceed to submit DA… council would refer it back to the project and get caught up in “never never land” so to speak. On the other hand we can’t afford to just be in limbo to meet their time frames as this aren’t a buy and hold business plan our intentions and finances were geared up to develop the property from the outset with construction ear marked for early next year.They have indicated that we can apply for early acquisition via their “Hardship Policy” which is fine but what mythology would a valuer use to ascertain highest & best use of the property considering the catch 22…. A raw site or DA approved site. We can clearly demonstrate all DA requirements were with our town planner ready for submission on the same week as their announcement….What is “just and fair” compensation here…..Obviously none of the profits of the development we would have realized over the next 12 months……. What “special value” can be applied in this situation? ……… Can’t avoid the legal side but admittedly useless unless used in conjunction with a valuer
You have good insight by the way…… what field are you in???
