As the government pushes forward with its current metropolitan changes and strategies, Sydney is undergoing a monumental period of land and property acquisition.
Road and transport networks are needed to assist in the metamorphosis to Sydney’s Three Cities plan with the Department of Transport leading an unprecedented amount of property acquisition plans across the city. Large projects such as the Light Rail systems, Northconnex, Metro west and south west tunnelling together with the Northern Beaches link are only some of the projects likely to affects Sydneysiders over the next five years.
As the Government pushes forward it will have a direct affect on many property owners and occupiers requiring relocation of homes and businesses. Are you prepared? Do you have the right tools and advice?
Changes in the Land Acquisition (Just Terms) Act 1991, as a result of the review by David Russell and Michael Pratt, changed much of the landscape in the acquisition process. It resulted in changes in the legislation and methods for notification providing a better timeframe for decision making.
Understanding the acquisition process and your rights through the Act are critical in formulating strategies and an effective approach to compensation. Do you know your rights regarding the extent to which you are protected under the Act and the situations where compensation is and is not available.
As each matter is individual, all acquisition and statutory procedures require specialist legal and valuation advice. It is important that you seek out those who are proficient and have the experience in these matters.
Written by Peter Karvon
Senior Valuer (KPP)