06/08/2008 - 22:00

Developer loses land value fight

06/08/2008 - 22:00

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CITY Beach-based property developer Mount Lawley Pty Ltd has lost a Supreme Court appeal to revalue its 309-hectare site in Ellenbrook. The company, which is owned by Martin Copley and family interests, argued that the Western Australian Planning Commission had incorrectly valued its landholding, reserved for parks and recreation, at $4 million. It stated that the site would have been zoned for urban use, not rural, if not for the reservation, putting the value of the land between $10 million and $11 million. The court held that the land be valued at $4 million, based on a calculation of dry land (suitable for urban development), wetlands and buffer areas.

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