Compulsory acquisition is a highly specialised field of valuation. Your property or interest in a property can be compulsorily acquired, in part or whole, for purposes such as road widening, rail corridors or other public infrastructure, whilst compensation can be payable for easements that are created on your land, either above or below ground, such as powerlines, pipelines etc.
It is not solely the registered proprietor of a property that would have a claim for compensation as the Act states anyone with an interest in the acquired or reserved property can have a right to claim compensation, therefore a tenant equally has rights under the Act.
The over-arching legislation dealing with compensation matters are the Land Acquisition & Compensation Act, Valuation of Land Act and the Planning & Environment Act.
Compensation is paid where land is taken, but compensation can also be sought where a development permit is refused on the grounds the land is required for a public purpose.
Equally there is ‘Loss on sale’ where a property has sold at an affected price due to an existing or proposed Public Acquisition Overlay that has resulted in a lower price than would otherwise have been achieved.
It is critical to engage a consultant who understands the driving legislation, is cognisant of the timelines and heads of compensation, and can articulate a strong case on your behalf through the report and argue such within subsequent Valuers conferences to achieve the best outcome for your circumstance.