Five Dock Metro: Claims ‘95 per cent of businesses’ reject Government buyout offer

A majority of businesses in Five Dock have rejected land value and relocation offers by Sydney Metro and intend to take their claims to the Valuer-General.

An overwhelming majority of land and business owners in Five Dock have refused acquisition offers from Sydney Metro.

They have instead called on the Valuer-General to “do the right thing” and adequately compensate them as they are told when the will be kicked out of their properties.

A total of 11 business and five homes have been earmarked for acquisition by the NSW Government for the controversial, multibillion-dollar Sydney Metro West project spanning from the city CBD to Westmead.

Properties in Five Dock to be acquired by the NSW Government for the Sydney Metro West. Picture: Jake McCallum

However, sources told NewsLocal about 95 per cent of all offers made to businesses through the infrastructure project’s acquisitions process had been refused, with one business owner dubbing money on the table as “borderline criminal”.

“They have set business a ridiculous deadline of either June or July to be out of our shopfronts, despite the fact that we have not settled or agreed to Sydney Metro’s terms,” a business owner, who did not wish to be named, told NewsLocal. “No money has been exchanged but they want us out — how are we expected to move into new premesis with no funds for the relocation of our business?

Land to be acquired in Five Dock for Sydney Metro.

“There are very limited premises currently on the market that are suitable and within the price range that meets Sydney Metro’s low-ball offer, it is going to take time to relocate but we are nearing deadline with no certainty.”

Another business owner said he was “laughed at” by Sydney Metro representatives when he provided relocation costs determined by a forensic accountant.

“We were told we would be lucky to see anymore than half of what we needed to relocate our business,” he said. “But I am willing to fight this, if we aren’t fairly compensated we will fight it in court.”

A Waterview St resident said the five property owners were told they needed to be out of their homes by next week.

Properties in Five Dock to be acquired by the NSW Government for the Sydney Metro West. Picture: Jake McCallum

A Sydney Metro spokesman said offers are based on an “independent valuation in accordance with the Land Acquisition Just Terms Compensation Act”.

“Businesses are entitled to full relocation costs on a comparable basis,” he said.

“The independent valuer determines the market value of the owner or tenant’s interest in addition to the relevant disturbance items.

“The valuer may also engage other specialists such as quantity surveyors, planners and business valuers — Sydney Metro then makes an offer and progresses negotiations with a view to agreeing a commercial resolution.”

The spokesman said the Valuer General, and then the Land and Environment Court can determine value if an agreement isn’t reached.

“The landowner and tenant also have access to legal and valuation consultants of their choice, the cost of which will ultimately form part of their compensation claim and be paid for by Sydney Metro,” he said.

While a spokesman for the NSW Valuer-General said it was currently unaware of the status of negotiations between property owners and Sydney Metro.

Supplied Editorial An artist impression of the Five Dock Sydney Metro west Station

“When Sydney Metro moves to compulsorily acquire a property by gazettal, the Valuer General will then undertake an independent determination of compensation,” he said.

“Before gazettal, it is a negotiation process between the acquiring authority and the property owner which does not involve the Valuer General.

“As at 18 March 2021, the Valuer General is not preparing any independent determinations of compensation for the Sydney Metro West project.”

The spokesman said the Valuer-General would accept information from property owners to “make an independent determination of compensation”.

“The number of acquisitions by compulsion through gazettal varies significantly between projects,” the spokesman told NewsLocal.

“The Valuer General may use appropriate consultants as required for planning, environmental issues, quantity surveyor costings, etc.”

Gazettal of government plans of land acquisition for the Sydney Metro West is expected to be handed down by midday (Friday, March 19).