Family to lose millions from in compulsory acquisition
A family whose land was resumed for Tallawong station will lose a fortune while a major development on the other side of the tracks will net Sports and Veterans Minister John Sidoti $11.4 million.
NSW
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Land owner Sukhdev Singh and his daughter Simran Kaur were on the wrong side of the tracks when the government settled on the location of Tallawong station on the $8 billion Metro Northwest.
On the side of a fortune — opposite their parcel at 35 Cudgegong Rd — is Sports and Veterans’ Minister John Sidoti, whose 10 per cent share of an approved development and subdivision at number 38 promises an $11.4 million windfall.
Mr Singh and Ms Kaur’s family syndicate, called Cudgegong Australia, meanwhile lost their land to the government in a compulsory acquisition and not only won’t realise a profit, they are on track to chalk up a loss after holding costs and legal bills.
“Sidoti will make $11.4 million on his land.
“We will make an $8.4 million loss,” Mr Singh told The Daily Telegraph.
What’s worse, the two are still waiting to be paid since losing their land seven years ago, during which time they have been in and out of court attempting to squeeze fair value for their investment.
The government has offered just $5.04 million for their land, on which the sparkling new Tallawong station now sits.
It comes as the government has on-sold other nearby land they banked during the compulsory acquisition stage prior to this year opening the Metro Northwest.
About six weeks ago government developer Landcom sold a site a stone’s throw from Mr Singh’s family land for 15 times that offer, understood to be $78 million.
Developer buyer Deicorp is planning on spending $435 million building 11,000 homes at Tallawong station, which when sold off would fetch $700 million.
Mr Sidoti’s Rouse Hill windfall is the second major property development his family is involved in which has benefited from higher density zonings and near planned or completed new metro train stations, The Telegraph has revealed.
Mr Sidoti (pictured) has been referred to ICAC and could learn as early as today the result of a separate investigation into his failure to disclose private property interest expected to deliver a total windfall of $41.4 million once developments in Rouse Hill and Five Dock are complete.
Premier Gladys Berejiklian last week ordered Secretary of the Department of Premier and Cabinet Tim Reardon to look into whether Mr Sidoti’s private business interests were in conflict with his former roles, including as parliamentary secretary for roads, transport, cabinet and ethics.
Mr Sidoti has strenuously denied any wrongdoing.
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He refused to answer questions yesterday on whether he paid for the 10 per cent holding in 38 Cudgegong Rd, nor would he say whether he made a return from the sale of subdivided lots on part of the land. “Your claims are totally false and fictitious,” Mr Sidoti said.
Ms Kaur said the government had further pushed down the value of their land by mysteriously moving the trajectory of the rail line north and pushing the station further into their land.
This put the rail line closer to but not overlapping Mr Sidoti’s land while for the Singh partnership it reduced their value by cutting down the amount of space on the plot which would be zoned retail.
Cudgegong Australia has failed in its attempts to obtain from the department any documents showing when the decision to move the location of the station was made and by whom.
Ms Kaur could only deduce that between 2011 and 2013 the station location moved on maps published by the transport department.
“Our premier was the transport minister at the time,” Ms Kaur said.
“This process has the grossly unfair effect that our land is taken from us compulsorily and our neighbours whose land is not taken then receives the full benefit (like our neighbour John Sidoti) when the value of their land is uplifted near Tallawong station and town centre.
“And the government continues to make monetary profits from acquiring excess land and selling it to property developers.”