If my property has been marked for partial acquisition, how will I know what part of my property is being acquired?
The Opening Letter will include a diagram of the partial acquisition. It will also include the proposed new boundary as a result of the partial purchase of the property. The plan will also include the likely dimensions and area of the required part of the property. It will be finalised by surveyors and will become a deposited plan once lodged and registered with Land and Property Information.
How do you value a partial property acquisition?
The most common way a partial property valuation is assessed is using a ‘before and after’ method where:
- the value of the total property, as unaffected by the project proposal, known as the ‘before valuation’ is determined
- the value of the remaining property, assuming the acquisition has occurred, known as the ‘after valuation’, is also determined and
- the difference between the ‘before’ and ‘after’ valuations is the compensation payable.
What if I want my whole property to be acquired?
On occasion, the Acquiring Agency will purchase the total property, even though only part of it is required for the proposed project. This occurs when the effect of the proposed project on the remaining land is considered so significant that it warrants total purchase.
You may request that the Acquiring Agency purchase the entire property, however, the decision to agree to a full purchase is at the discretion of the Acquiring Agency.