Sydney Metro West: 14 property owners receive ‘drastically higher valuations’ from Valuer General

Select landowners are breathing a sigh of relief as “drastically higher valuations” for Sydney Metro land acquisitions are drafted by the NSW Valuer General, but others say they weren’t so lucky.

Nervous land and business owners have now received their first indication of the payout they will get — more than a month after their properties were acquired by the NSW Government for the Sydney Metro West project.

The NSW Valuer General this month handed down preliminary valuation reports to 17 property owners, who have land and businesses in the firing line for the multibillion-dollar Sydney Metro West project spanning from the Sydney CBD to Westmead.

Artist impressions of Metro stations along the West line.

Initial reports suggest an overwhelming majority of property owners who have received preliminary valuation reports have seen compensation at levels higher than those offered by Sydney Metro valuers during the acquisition process.

A total of 14 out of 17 preliminary valuations have resulted in higher levels of compensation by the NSW Valuer General, a spokesman told NewsLocal.

The spokesman said he was currently undergoing “stakeholder consultation on the processes” in order to determine fair market value within the 45 day deadline set down by government legislation.

“The Valuer General undertakes a determination of compensation and provides parties with a preliminary valuation report for review, prior to finalising a determination,” he said.

“The Valuer General does not provide an “offer” with the provision of the preliminary valuation report, which is provided to the parties to correct any errors of fact, and not for any form of negotiation.”

The future Westmead Metro station.

The spokesman said parties who do not agree with the Valuer General’s determination have a right of appeal to the Land and Environment Court.

One landowner, who did not wish to be named before preliminary assessments were finalised said they had been offered “drastically higher valuations than offers made by Sydney Metro representatives”.

“Sydney Metro undercooked our valuation and now we are finally seeing what we are owed,” she said.

Parramatta Rd, Burwood property owner, Ranko (Jack) Jakovljevic, said despite the fact that the NSW Government took over ownership of his land on March 17, he was shocked no one from the Valuer General had contacted him.

Burwood property owner, Ranko (Jack) Jakovljevic

“Sydney Metro took our property from us, without us even knowing what we will get for it and we haven’t even heard from the Valuer General,” he said. “We have no clue what is going on.

“It is like highway robbery, they have taken our income and our property and we still have nothing for it a month on.”

While Clyde business owner Endree Saad said the Sydney Metro “wanted to pay next to nothing” for five businesses and dropped the value of the land.

“Sydney Metro wanted to offer $4000 for the relocation of our five businesses,” he said.

“A town planner and QC have conducted assessments of value and they are dumbfounded by the offers.

The Burwood Metro station.

“I am surprised it has gone so far, it is appalling — Sydney Metro is a joke and we will fight them.”

Mr Saad said Sydney Metro billed he and his brother $7000 a month in rent for each business.

“They have billed us for rent on our five businesses, which they won’t compensate us for relocation of.”

Mr Saad said he was granted until the end of April to provide justification of “market value” compensation.

A Sydney Metro spokesman told NewsLocal compensation offers for landowners and tenants are based on “independent valuations in accordance with the Just Terms Act”.

“For small businesses, this process includes an offer of compensation to relocate their business on a like-for-like basis, based on an independent valuation in accordance with the Just Terms Act,” he said.

“This is a comprehensive process in which the independent valuer is appointed to undertake a compensation assessment of the owner or tenant’s legal interests.

“In some instances, the valuer may also engage other specialists such as quantity surveyors, planners and business valuers to provide independent specialist advice to assist in the determination of compensation.”

The process carried out by the Valuer General is conducted independently of Sydney Metro and requires to use of independent valuers by the Valuer General.