Valuer Update: Another valuation set aside

In brief: Just prior to Christmas last year, VCAT set aside another valuation in the matter of Josephine Ung Pty Ltd v Jagjit Associates Pty Ltd. As subscribers will be aware, this is a matter that I was advising the tenant upon and as such, defending the valuation. This was a surprising decision but evidences how careful valuers must be in writing a valuation report and in corresponding with landlords and tenants in answering queries following the report.

What you need to know:

VCAT found that that the valuer had made three errors in the valuation report, namely:

• failing to have regard to rent concessions and other benefits offered to prospective tenants of unoccupied retail premises in contravention of section 37 (2) (d) of the Retail Leases Act 2003 (Vic);