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\li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid6767309 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid6767309\charrsid6767309 IN THE HIGH COURT OF }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid8144855 COO}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6767309\charrsid6767309 K }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid6767309 ISLANDS \par HELD AT RAROTONGA}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6767309\charrsid6767309 \par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9975368 {\fs24\lang2057\langfe1033\langnp2057\insrsid9975368 \par }\pard \qc \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid4751329 {\fs24\lang2057\langfe1033\langnp2057\insrsid8144855 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid4751329\charrsid4751329 LAND DIVISION}{ \fs24\lang2057\langfe1033\langnp2057\insrsid8144855 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}{\fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid5840641 of Te Utuutu Section 208}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10368074 ,}{\fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid5840641 Avarua}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid14629833 \par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid4751329 {\fs24\lang2057\langfe1033\langnp2057\insrsid6767309 \par }\pard \qc \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid4751329 {\fs24\lang2057\langfe1033\langnp2057\insrsid6767309\charrsid14629833 AND \par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid4751329 {\fs24\lang2057\langfe1033\langnp2057\insrsid4751329 \par }\pard \qc \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid4751329 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid6767309\charrsid6767309 IN THE MATTER}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid14629833 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6767309 of a Deed of Lease dated the }{\fs24\lang2057\langfe1033\langnp2057\insrsid9975368 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6767309 25}{\fs24\lang2057\langfe1033\langnp2057\insrsid6767309\charrsid6767309 th}{\fs24\lang2057\langfe1033\langnp2057\insrsid6767309 April 1972 in favour of }{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid6767309\charrsid14629833 ANNE L. JONASSEN}{\fs24\lang2057\langfe1033\sub\langnp2057\insrsid6767309\charrsid6767309 \par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid5840641 {\fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid5840641 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9975368 Mr.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6767309 Tylor for the Landowners}{\fs24\lang2057\langfe1033\langnp2057\insrsid10368074 ;}{\fs24\lang2057\langfe1033\langnp2057\insrsid6767309 \par M}{\fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid5840641 r Clarke for Miss Jonassen. \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6767309 Judgment delivered {\*\xmlopen\xmlns1{\factoidname date}{\xmlattr\xmlattrns0{\xmlattrname Month}{\xmlattrvalue 1}}{\xmlattr\xmlattrns0{\xmlattrname Day}{\xmlattrvalue 18}}{\xmlattr\xmlattrns0 {\xmlattrname Year}{\xmlattrvalue 1982}}}17}{\fs24\lang2057\langfe1033\super\langnp2057\insrsid6767309\charrsid6767309 th}{\fs24\lang2057\langfe1033\langnp2057\insrsid6767309 August 1984}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid5840641 {\*\xmlclose} \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14497562 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid5840641 This is an application to determine the land value conte}{\fs24\lang2057\langfe1033\langnp2057\insrsid14497562 nt of the Te Utuutu Section 208 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid5840641 Block in order to fix its value as at {\*\xmlopen\xmlns1{\factoidname date}{\xmlattr\xmlattrns0{\xmlattrname Month}{\xmlattrvalue 1}}{\xmlattr\xmlattrns0{\xmlattrname Day}{\xmlattrvalue 18}}{\xmlattr\xmlattrns0{\xmlattrname Year}{\xmlattrvalue 1982}}}the 18th January 1982{\*\xmlclose}. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14497562 \par Mr}{\fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid5840641 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid14497562 }{\fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid5840641 Tylor for the landowners described t}{ \fs24\lang2057\langfe1033\langnp2057\insrsid14497562 he land as opposite to the exit }{\fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid5840641 entrance to the airport}{\fs24\lang2057\langfe1033\langnp2057\insrsid10368074 ;}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid5840641 containing 2 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9975368\charrsid5840641 roods}{\fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid5840641 5 perches in area}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10368074 ;}{\fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid5840641 and havin}{\fs24\lang2057\langfe1033\langnp2057\insrsid14497562 g}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid5840641 erected on it 2 holiday cottages and on the road fronta}{\fs24\lang2057\langfe1033\langnp2057\insrsid14497562 ge}{\fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid5840641 the offices of Doherty & Brown Ltd}{\fs24\lang2057\langfe1033\langnp2057\insrsid10368074 ,}{\fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid5840641 Building Contractors. It was described as in a commercially developing area }{ \fs24\lang2057\langfe1033\langnp2057\insrsid14497562 with advantages of position to }{\fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid5840641 the airport and other commercial developments in the area. Finally it was explained that it fronted onto an attractive beach and looked out over a motu just offshore. Thus it was presented as a section with desirable residential attri butes and in addition with locality commercial qualities that thus made it a highly valued section. \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14497562 \par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid14497562 {\fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid5840641 In the course of presenting arguments for and against a high valuation}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10368074 ,}{\fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid5840641 both Cou}{\fs24\lang2057\langfe1033\langnp2057\insrsid14497562 nsel}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid5840641 referred to}{\fs24\lang2057\langfe1033\langnp2057\insrsid10368074 ,}{\fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid5840641 relied on and argued against the values of compara}{\fs24\lang2057\langfe1033\langnp2057\insrsid11948401 tive sections in}{\fs24\lang2057\langfe1033\langnp2057\insrsid14497562 the immediate}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid5840641 vicinity.}{\fs24\lang2057\langfe1033\langnp2057\insrsid14497562 \par T}{\fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid5840641 hese were:}{\fs24\lang2057\langfe1033\langnp2057\insrsid8144855 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid5840641\charrsid5840641 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14497562 \par }\pard \ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid14497562 {\fs24\insrsid8144855 (}{\fs24\insrsid14497562 a}{\fs24\insrsid8144855 )}{\fs24\insrsid14497562 }{\fs24\insrsid5840641\charrsid14497562 Air Rarotonga }{ \fs24\insrsid8144855 -}{\fs24\insrsid5840641\charrsid14497562 29/4/82}{\fs24\insrsid8269255 }{\fs24\insrsid8144855 -}{\fs24\insrsid8269255 3.rood 17 perches}{\fs24\insrsid14497562\charrsid14497562 \par }{\fs24\insrsid8144855 Rental $500 p.a. -}{\fs24\insrsid14497562 related value $10}{\fs24\insrsid10368074 ,}{\fs24\insrsid5840641\charrsid14497562 000. \par }\pard \ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid14497562 {\fs24\insrsid14497562 \par }\pard \ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid14497562 {\fs24\insrsid8144855 (}{\fs24\insrsid14497562 b}{\fs24\insrsid8144855 )}{\fs24\insrsid14497562 }{\fs24\insrsid5840641\charrsid14497562 Air Rarotonga }{ \fs24\insrsid8144855 -}{\fs24\insrsid5840641\charrsid14497562 1/9/82 }{\fs24\insrsid8144855 -}{\fs24\insrsid5840641\charrsid14497562 3584m}{\fs24\super\insrsid5840641\charrsid14497562 2}{\fs24\insrsid14497562 }{\fs24\insrsid8144855 -}{ \fs24\insrsid5840641\charrsid14497562 goodwil}{\fs24\insrsid14497562 l of $15}{\fs24\insrsid10368074 ,}{\fs24\insrsid14497562 000 \par }{\fs24\insrsid5840641\charrsid14497562 Rental $200 p.a. }{\fs24\insrsid8144855 -}{\fs24\insrsid5840641\charrsid14497562 related value $4}{\fs24\insrsid10368074 ,}{\fs24\insrsid5840641\charrsid14497562 000. \par }\pard \ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid14497562 {\fs24\insrsid5840641\charrsid14497562 \par }\pard \ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid14497562 {\fs24\insrsid8144855 (}{\fs24\insrsid14497562\charrsid9705947 c}{\fs24\insrsid8144855 )}{\fs24\insrsid14497562\charrsid9705947 }{ \fs24\insrsid5840641\charrsid9705947 Cook Island Dairy Foods Ltd }{\fs24\insrsid8144855 -}{\fs24\insrsid5840641\charrsid9705947 31/5/82}{\fs24\insrsid16082557\charrsid9705947 }{\fs24\insrsid8144855 -}{\fs24\insrsid16082557\charrsid9705947 }{ \fs24\insrsid5840641\charrsid9705947 1520m}{\fs24\super\insrsid5840641\charrsid9705947 2}{\fs24\insrsid5840641\charrsid9705947 \par Goodwill $15}{\fs24\insrsid10368074 ,}{\fs24\insrsid5840641\charrsid9705947 000 }{\fs24\insrsid8144855 -}{\fs24\insrsid5840641\charrsid9705947 rental $3}{\fs24\insrsid16082557\charrsid9705947 50 p.a. }{\fs24\insrsid8144855 -}{ \fs24\insrsid16082557\charrsid9705947 related value $7}{\fs24\insrsid10368074 ,}{\fs24\insrsid16082557\charrsid9705947 000.}{\fs24\insrsid16082557 \par }\pard \ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid16516484 {\fs24\insrsid16082557 \par }\pard \ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid14497562 {\fs24\insrsid8144855 (}{\fs24\insrsid5840641\charrsid14497562 d}{\fs24\insrsid8144855 )}{\fs24\insrsid5840641\charrsid14497562 . Fryberg }{ \fs24\insrsid8144855 -}{\fs24\insrsid5840641\charrsid14497562 25/5/77 }{\fs24\insrsid8144855 -}{\fs24\insrsid5840641\charrsid14497562 1540m}{\fs24\super\insrsid5840641\charrsid16516484 2}{\fs24\insrsid16516484 }{\fs24\insrsid8144855 -}{ \fs24\insrsid16516484 Goodwill $4}{\fs24\insrsid10368074 ,}{\fs24\insrsid16516484 500}{\fs24\insrsid5840641\charrsid14497562 \par }\pard \ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid16516484 {\fs24\insrsid5840641\charrsid14497562 Rental $120 p.a. }{\fs24\insrsid8144855 -}{\fs24\insrsid5840641\charrsid14497562 related value $2}{ \fs24\insrsid10368074 ,}{\fs24\insrsid5840641\charrsid14497562 400. \par }\pard \ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid16516484 {\fs24\insrsid16516484 \par }\pard \ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid4394796 {\fs24\insrsid8144855 (}{\fs24\insrsid5840641\charrsid14497562 e}{\fs24\insrsid8144855 )}{\fs24\insrsid5840641\charrsid14497562 While on the opposite side of the island }{\fs24\insrsid8144855 -}{\fs24\insrsid5840641\charrsid14497562 because of this sections beach and frontage onto a motu}{\fs24\insrsid4394796 and}{\fs24\insrsid5840641\charrsid14497562 it was also co}{ \fs24\insrsid4394796 mpared with the Ruma}{\fs24\insrsid5840641\charrsid14497562 Nicholas section at Ngatangiia which contains}{\fs24\insrsid4394796 }{\fs24\insrsid5840641\charrsid14497562 1100m}{\fs24\super\insrsid4394796\charrsid4394796 2}{ \fs24\insrsid5840641\charrsid14497562 and has been valued at $7}{\fs24\insrsid10368074 ,}{\fs24\insrsid5840641\charrsid14497562 000. \par }\pard \ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid14497562 {\fs24\insrsid5840641\charrsid14497562 \par This property and its location is a good example of future valuation assessment difficulties that will undoubtedly arise }{\fs24\insrsid8144855 -}{\fs24\insrsid5840641\charrsid14497562 that is}{\fs24\insrsid10368074 ,}{ \fs24\insrsid5840641\charrsid14497562 should a property in a residential area tending towards future commercial development be valued in relation to comparable residential or commercial values ? Here we have a locality where attractive homes have been built and new ones are continuing to be b}{\fs24\insrsid15219285 uilt. However at the same time }{\fs24\insrsid5840641\charrsid14497562 commercial development has crept into the area and high goodwill prices have been paid to secure sections to establish these commercial enterprises. Should values over the area be related to}{\fs24\insrsid15219285 the commercial values of say 1}{ \fs24\insrsid5840641\charrsid14497562 0 or 12 properties}{\fs24\insrsid10368074 ;}{\fs24\insrsid5840641\charrsid14497562 should sections be valued as residential sections and then at a higher figure for commercial sections? }{\fs24\insrsid8144855 -}{ \fs24\insrsid5840641\charrsid14497562 if higher}{\fs24\insrsid10368074 ,}{\fs24\insrsid5840641\charrsid14497562 what percentage increase should this be? \par }{\fs24\insrsid15219285 \par }{\fs24\insrsid5840641\charrsid14497562 Such a situation has arisen in an interesting way in {\*\xmlopen\xmlns1{\factoidname date}{\xmlattr\xmlattrns0{\xmlattrname Month}{\xmlattrvalue 1}}{\xmlattr\xmlattrns0{\xmlattrname Day}{\xmlattrvalue 18}} {\xmlattr\xmlattrns0{\xmlattrname Year}{\xmlattrvalue 1982}}}New Zealand{\*\xmlclose}. Te Puke was originally and predominately dairy farming. With the Kiwifruit industry growth}{\fs24\insrsid10368074 ,}{\fs24\insrsid5840641\charrsid14497562 land values have increased from $500 per acre to $10}{\fs24\insrsid10368074 ,}{\fs24\insrsid5840641\charrsid14497562 000 and even $20}{\fs24\insrsid10368074 ,}{\fs24\insrsid5840641\charrsid14497562 000 per acre. This }{\fs24\insrsid10368074 "}{ \fs24\insrsid5840641\charrsid14497562 Kiwifruit value per acre}{\fs24\insrsid10368074 "}{\fs24\insrsid5840641\charrsid14497562 has placed a related value on dairy farms. For example if there are two 100 acre blocks adjoining and one is used}{ \fs24\insrsid10368074 ,}{\fs24\insrsid15219285 }{\fs24\insrsid5840641\charrsid14497562 for Kiwifruit growing and the other retained for dairying}{\fs24\insrsid10368074 ,}{\fs24\insrsid5840641\charrsid14497562 and in all respects the blocks are comparable then should the values be different? \par }{\fs24\insrsid15219285 \par }{\fs24\insrsid5840641\charrsid14497562 Likewise in this area }{\fs24\insrsid8144855 -}{\fs24\insrsid5840641\charrsid14497562 if there is a trend in values related to commercial deman d and commercial development then this must be reflected in the overall values applicable to sections in that area. For example}{\fs24\insrsid10368074 ,}{\fs24\insrsid5840641\charrsid14497562 the value placed on the Cook Islands Dairy Foods section must have an effect on the Fryberg section next d}{\fs24\insrsid10691677 oor}{\fs24\insrsid10368074 ,}{\fs24\insrsid10691677 even if the latter is used }{\fs24\insrsid5840641\charrsid14497562 only for residential purposes. To do otherwise}{\fs24\insrsid10691677 }{\fs24\insrsid5840641\charrsid14497562 would be to devise some system of valuation related to usage where a high commercial usage paid a high ren}{\fs24\insrsid10691677 t based on a high valuation and }{\fs24\insrsid5840641\charrsid14497562 a low or no}{\fs24\insrsid10691677 usage residential section paid }{\fs24\insrsid5840641\charrsid14497562 a nominal rent on ly. Such is not in accord with accepted valuation principles. \par }{\fs24\insrsid10691677 \par }{\fs24\insrsid5840641\charrsid14497562 This sectio}{\fs24\insrsid4336300 n is in a developing commercial}{\fs24\insrsid5840641\charrsid14497562 sphere of influence}{\fs24\insrsid4336300 }{\fs24\insrsid5840641\charrsid14497562 whi}{\fs24\insrsid4336300 le at the same time it is still}{\fs24\insrsid5840641\charrsid14497562 at present enjoying t}{\fs24\insrsid4336300 he residential qualities of the }{\fs24\insrsid5840641\charrsid14497562 lands situation. This is reflected by the two holiday cottages on the lagoon and beach frontage overlooking the motu and the ocean. }{\fs24\insrsid4336300 In addition}{\fs24\insrsid10368074 ,}{\fs24\insrsid4336300 and at the}{\fs24\insrsid5840641\charrsid14497562 same time}{ \fs24\insrsid10368074 ,}{\fs24\insrsid5840641\charrsid14497562 the commercial offices of the building contractor are on the main road frontage opposite the airport. \par }{\fs24\insrsid22212 \par }{\fs24\insrsid5840641\charrsid14497562 Taking the five properties which }{\fs24\insrsid22212 C}{\fs24\insrsid5840641\charrsid14497562 ounse}{\fs24\insrsid22212 l claimed were relative to this }{\fs24\insrsid5840641\charrsid14497562 section we have the following projections.}{\fs24\insrsid5840641 \par }{\fs24\insrsid22212 \par }\trowd \irow0\irowband0\ts15\trgaph108\trleft612\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind720\tblindtype3 \clvertalt\clbrdrt \brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth396\clshdrawnil \cellx1008\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1600\clshdrawnil \cellx2608 \clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth296\clshdrawnil \cellx2904\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1051\clshdrawnil \cellx3955\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth296\clshdrawnil \cellx4251\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth996\clshdrawnil \cellx5247\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth352\clshdrawnil \cellx5599\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1151\clshdrawnil \cellx6750\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid14497562\yts15 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 { \fs24\insrsid1252173 1.\cell }{\fs24\insrsid1252173\charrsid15476556 Air {\*\xmlopen\xmlns1{\factoidname date}{\xmlattr\xmlattrns0{\xmlattrname Month}{\xmlattrvalue 1}}{\xmlattr\xmlattrns0{\xmlattrname Day}{\xmlattrvalue 18}}{\xmlattr\xmlattrns0 {\xmlattrname Year}{\xmlattrvalue 1982}}}Rarotonga}{\fs24\insrsid1252173 {\*\xmlclose}\cell }{\fs24\insrsid8144855 -}{\fs24\insrsid1252173 \cell }{\fs24\insrsid1252173\charrsid15476556 3425m}{\fs24\super\insrsid1252173\charrsid15476556 2}{ \fs24\insrsid1252173 \cell }{\fs24\insrsid8144855 -}{\fs24\insrsid1252173 \cell }{\fs24\insrsid14748005\charrsid15476556 $10}{\fs24\insrsid10368074 ,}{\fs24\insrsid14748005\charrsid15476556 000}{\fs24\insrsid1252173 \cell }{\fs24\insrsid14748005 =}{ \fs24\insrsid1252173 \cell }{\fs24\insrsid14748005\charrsid15476556 $3m}{\fs24\super\insrsid14748005\charrsid15476556 2}{\fs24\insrsid1252173 \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid1252173 \trowd \irow0\irowband0 \ts15\trgaph108\trleft612\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind720\tblindtype3 \clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth396\clshdrawnil \cellx1008\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1600\clshdrawnil \cellx2608\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth296\clshdrawnil \cellx2904\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1051\clshdrawnil \cellx3955\clvertalt \clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth296\clshdrawnil \cellx4251\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth996\clshdrawnil \cellx5247\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth352\clshdrawnil \cellx5599\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1151\clshdrawnil \cellx6750\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid14497562\yts15 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid1252173 2.\cell } {\fs24\insrsid1252173\charrsid15476556 Air {\*\xmlopen\xmlns1{\factoidname date}{\xmlattr\xmlattrns0{\xmlattrname Month}{\xmlattrvalue 1}}{\xmlattr\xmlattrns0{\xmlattrname Day}{\xmlattrvalue 18}}{\xmlattr\xmlattrns0{\xmlattrname Year}{\xmlattrvalue 1982}} }Rarotonga}{\fs24\insrsid1252173 {\*\xmlclose}\cell }{\fs24\insrsid8144855 -}{\fs24\insrsid1252173 \cell }{\fs24\insrsid1252173\charrsid15476556 3584m}{\fs24\super\insrsid1252173\charrsid15476556 2}{\fs24\insrsid1252173 \cell }{\fs24\insrsid8144855 -}{ \fs24\insrsid1252173 \cell }{\fs24\insrsid14748005\charrsid15476556 $ 4}{\fs24\insrsid10368074 ,}{\fs24\insrsid14748005\charrsid15476556 000}{\fs24\insrsid1252173 \cell }{\fs24\insrsid14748005 =}{\fs24\insrsid1252173 \cell }{ \fs24\insrsid14748005\charrsid15476556 $lm}{\fs24\super\insrsid14748005\charrsid15476556 2}{\fs24\insrsid1252173 \cell }\pard\plain \ql 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{\fs24\insrsid1252173 4.\cell } {\fs24\insrsid1252173\charrsid15476556 Fryberg}{\fs24\insrsid1252173 \cell }{\fs24\insrsid8144855 -}{\fs24\insrsid1252173 \cell }{\fs24\insrsid1252173\charrsid15476556 1540m}{\fs24\super\insrsid1252173\charrsid15476556 2}{\fs24\insrsid1252173 \cell }{ \fs24\insrsid8144855 -}{\fs24\insrsid1252173 \cell }{\fs24\insrsid14748005\charrsid15476556 $ 2}{\fs24\insrsid10368074 ,}{\fs24\insrsid14748005\charrsid15476556 400}{\fs24\insrsid1252173 \cell }{\fs24\insrsid14748005 =}{\fs24\insrsid1252173 \cell }{ \fs24\insrsid14748005\charrsid15476556 $1.50m}{\fs24\super\insrsid14748005\charrsid15476556 2}{\fs24\insrsid1252173 \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid1252173 \trowd \irow3\irowband3 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=}{\fs24\insrsid1252173 \cell }{ \fs24\insrsid14748005 $6}{\fs24\insrsid14748005\charrsid15476556 m}{\fs24\super\insrsid14748005\charrsid15476556 2}{\fs24\insrsid1252173 \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid1252173 \trowd \irow4\irowband4\lastrow \ts15\trgaph108\trleft612\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind720\tblindtype3 \clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth396\clshdrawnil \cellx1008\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1600\clshdrawnil \cellx2608\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth296\clshdrawnil \cellx2904\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1051\clshdrawnil \cellx3955\clvertalt \clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth296\clshdrawnil \cellx4251\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth996\clshdrawnil \cellx5247\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth352\clshdrawnil \cellx5599\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1151\clshdrawnil \cellx6750\row }\pard \ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid14497562 {\fs24\insrsid8860181 \par }{\fs24\insrsid5840641\charrsid14497562 I propose to ignore the Nicholas section since it is located on the other side of th}{\fs24\insrsid4671045 e island}{\fs24\insrsid10368074 ;}{\fs24\insrsid4671045 cannot be regarded as}{ \fs24\insrsid5840641\charrsid14497562 relative and comparable}{\fs24\insrsid10368074 ;}{\fs24\insrsid5840641\charrsid14497562 and is outside the immediate area and usages being considered. Similarly with the Fryberg section which was a rental fixed in 1977. \par \par This section is easily comparable with the Dairy Foods section}{\fs24\insrsid10368074 ,}{\fs24\insrsid5840641\charrsid14497562 both as}{\fs24\insrsid14615645 to the date of valuation}{\fs24\insrsid10368074 ,}{\fs24\insrsid14615645 viz 1}{ \fs24\insrsid5840641\charrsid14497562 st January 1982}{\fs24\insrsid10368074 ;}{\fs24\insrsid5840641\charrsid14497562 as to usage}{\fs24\insrsid10368074 ,}{\fs24\insrsid5840641\charrsid14497562 viz commercial}{\fs24\insrsid10368074 ;}{ \fs24\insrsid5840641\charrsid14497562 and as to loca}{\fs24\insrsid14615645 lity and frontage onto the lag}{\fs24\insrsid5840641\charrsid14497562 oon. I do not agree the beach frontage is attractive. However if anything}{\fs24\insrsid10368074 ,}{ \fs24\insrsid5840641\charrsid14497562 this property is more desirable si}{\fs24\insrsid14615645 nce it is larger }{\fs24\insrsid8144855 -}{\fs24\insrsid14615645 the comparison being 1520}{\fs24\insrsid14615645\charrsid14615645 }{ \fs24\insrsid14615645\charrsid15476556 m}{\fs24\super\insrsid14615645\charrsid15476556 2}{\fs24\insrsid14615645 to 2125}{\fs24\insrsid14615645\charrsid14615645 }{\fs24\insrsid14615645\charrsid15476556 m}{\fs24\super\insrsid14615645\charrsid15476556 2}{ \fs24\insrsid5840641\charrsid14497562 .}{\fs24\insrsid5840641 \par }{\fs24\insrsid14615645\charrsid14497562 \par }{\fs24\insrsid5840641\charrsid14497562 I therefore adopt the market value established by the Dai}{\fs24\insrsid12853586 ry Foods lease in May 1982 and }{\fs24\insrsid5840641\charrsid14497562 fix the value of this section as at {\*\xmlopen\xmlns1 {\factoidname date}{\xmlattr\xmlattrns0{\xmlattrname Month}{\xmlattrvalue 1}}{\xmlattr\xmlattrns0{\xmlattrname Day}{\xmlattrvalue 18}}{\xmlattr\xmlattrns0{\xmlattrname Year}{\xmlattrvalue 1982}}}the 18th January 1982{\*\xmlclose} at $10}{ \fs24\insrsid10368074 ,}{\fs24\insrsid12853586 625 and a Rental of $531.25 p.a}{\fs24\insrsid5840641\charrsid14497562 . Costs of $150 an}{\fs24\insrsid12853586 d $5 filing fee to be paid to }{\fs24\insrsid9705947 M}{\fs24\insrsid9705947\charrsid14497562 r.}{\fs24\insrsid5840641\charrsid14497562 Tylor.}{\fs24\insrsid5840641 \par }{\fs24\insrsid14753409 \par }\pard \qc \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid14753409 {\b\fs24\insrsid14753409\charrsid14753409 JUDGE}{\b\fs24\insrsid14753409 .}{\b\fs24\insrsid14753409\charrsid14753409 \par }}