The owners of two commercial lots in in a strategically situated mixed commercial residential community title development at Burleigh Heads have won an increase to the lot entitlements for their units on application to the Queensland Civil and Administrative Tribunal.
Sunbeau Court – in the heart of the busy retail precinct and close to Burleigh Heads beach – was a first registered in 1997
It is located in a highly sought-after position bounded by West Street, Connor Street and James Street and comprises 14 lots of which four are commercial and the remaining nine are residential. Lot 1 is a standalone building on the common property.
Reefport – the owner of lots 3 and 4 applied to the QCAT for an adjustment of the lot entitlement to reflect the current market value of the lots.
It relied on valuations provided by Laurie Hamilton of Taylor Byrne Valuers and more recently, of Colliers. The Body Corporate obtained a corresponding opinion from Stuart Rumble of SLR Valuations.
The body corporate – who funded the Reefport application – did not appear at the hearing. It notified the Tribunal that it had informed all owners of the right to respond to the application and appear, should they choose to do so.
QCAT senior member Rick Oliver examined the valuations and allocated current market values for each of the units based on his views of the opinions provided by the valuers which were in turn reflective of recent sales of equivalent stock and the attributes – including position, views, floor area and finishes – of each particular unit.
Mr Rumble’s views found greater favour with the Tribunal in respect of the residential units abut his opinion that the “value of commercial properties have receded in recent times” was challenged by evidence from local realtors Mick Brace of Realty Blue and Adam Young of Black & Young. Because Mr Rumble was not called on the defend his views, member Oliver placed greater weight on that of Hamilton in the case of the commercial lots.
While Hamilton attributed a value of $665k to lot 3, Rumble only allowed it at $490k. For lot 4 it was Hamilton $910k and Rumble $595k. Hamilton’s values were accepted.
The result was that a revised table of market values was arrived at from which the respective lot entitlements of each lot could be calculated on a proportional basis.
The new lot entitlements will replace those that appear in the current Community Management Statement.