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\li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11746213 {\fs24\lang2057\langfe1033\langnp2057\insrsid11746213 No. 139/84 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11746213 {\fs24\lang2057\langfe1033\langnp2057\insrsid11746213 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11746213 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11746213\charrsid11746213 IN THE MATTER}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid11746213\charrsid11746213 of Te Ututu Section 208, Avarua \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11746213 {\fs24\lang2057\langfe1033\langnp2057\insrsid11746213 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11746213 {\fs24\lang2057\langfe1033\langnp2057\insrsid11746213 AND \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11746213 {\fs24\lang2057\langfe1033\langnp2057\insrsid11746213 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11746213 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11746213\charrsid11746213 IN THE MATTER}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid11746213\charrsid11746213 of a Deed of Lease dated the 25}{\b\fs24\lang2057\langfe1033\super\langnp2057\insrsid11746213\charrsid11746213 th}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid11746213\charrsid11746213 April 1972 in favour of }{ \b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11746213\charrsid11746213 ANN L.}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11746213 }{\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11746213\charrsid11746213 JONASSEN}{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid11746213\charrsid11746213 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16603948 {\fs24\lang2057\langfe1033\langnp2057\insrsid11746213 \par Mr Taylor for the Landowners; \par Mr Clarke for Miss Jonassen. \par \par Judgment delivered 17}{\fs24\lang2057\langfe1033\super\langnp2057\insrsid11746213\charrsid11746213 th}{\fs24\lang2057\langfe1033\langnp2057\insrsid11746213 August 1984 \par \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 This is an application to determine the land value content of the Te Utuutu Section 208 Block in order to fix its value as at the 18th January 1982.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid16603948 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11746213\charrsid16603948 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11746213 Mr }{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 Tylor for the landowners described the land as opposite to the exit}{\fs24\lang2057\langfe1033\langnp2057\insrsid10685768 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 entrance to the airport; containing 2 rood 5 perches in area; and having erected on it 2 holiday }{\fs24\lang2057\langfe1033\langnp2057\insrsid11746213 cottages and on the road frontage }{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 the offices of Doherty & Brown Ltd, Building Contractors. It was described as in a commercially developing area}{ \fs24\lang2057\langfe1033\langnp2057\insrsid3350333 with advantages of position to}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 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 w as presented as a section with desirable residential attributes and in addition with locality commercial qualities that thus made it a highly valued section.}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11746213\charrsid16603948 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 In the course of presenting arguments for and against a high valuation, both Counsel}{\fs24\lang2057\langfe1033\langnp2057\insrsid3350333 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 referred to, relied on and argued against the va}{\fs24\lang2057\langfe1033\langnp2057\insrsid11746213 lues of comparative sections in the immediate}{ \fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 vicini}{\fs24\lang2057\langfe1033\langnp2057\insrsid11746213 ty.}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11746213\charrsid16603948 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 These were:-}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11746213\charrsid16603948 \par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 \hich\af0\dbch\af0\loch\f0 a)\tab}}\pard \ql \li720\ri0\nowidctlpar\jclisttab\tx720\faauto\ls1\adjustright\rin0\lin720\itap0\pararsid10094740 { \fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 Air Rarotonga - 29/4/82 - 3.rood 17 perches }{\fs24\lang2057\langfe1033\langnp2057\insrsid10094740 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10094740 {\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 Rental $500 p.a. - related-v}{\fs24\lang2057\langfe1033\langnp2057\insrsid10094740 alue $10,}{ \fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 000.}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10094740 {\fs24\lang2057\langfe1033\langnp2057\insrsid10094740\charrsid16603948 \par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 \hich\af0\dbch\af0\loch\f0 b)\tab}}\pard \ql \li720\ri0\nowidctlpar\jclisttab\tx720\faauto\ls1\adjustright\rin0\lin720\itap0\pararsid10094740 { \fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 Air Rarotonga - 1/9/82 - 3584m}{\fs24\lang2057\langfe1033\langnp2057\insrsid3350333 \'b2}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 -goodwill of $15,000 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10094740 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10094740 {\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 Rental $200 p.a. - related value $4,000.}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10094740 {\fs24\lang2057\langfe1033\langnp2057\insrsid10094740\charrsid16603948 \par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 \hich\af0\dbch\af0\loch\f0 c)\tab}}\pard \ql \li720\ri0\nowidctlpar\jclisttab\tx720\faauto\ls1\adjustright\rin0\lin720\itap0\pararsid10094740 { \fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 Cook Island Dairy Foods Ltd - 31/5/82 -.1.520}{\fs24\lang2057\langfe1033\langnp2057\insrsid3350333 m}{\fs24\lang2057\langfe1033\langnp2057\insrsid10685768 \'b2}{ \fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10094740 {\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 Goodwill $15,000 - rental $350 p.a. - related value $7,000. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10094740 {\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 \par {\listtext\pard\plain\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 \hich\af0\dbch\af0\loch\f0 d)\tab}}\pard \ql \li720\ri0\nowidctlpar\jclisttab\tx720\faauto\ls1\adjustright\rin0\lin720\itap0\pararsid10094740 { \fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 Fryberg - 25/5/77 -- 1540m}{\fs24\lang2057\langfe1033\langnp2057\insrsid10685768 \'b2}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 - Goodwill $4,500 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10094740 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10094740 {\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 Rental $120 p.a. - related value $2,400.}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16603948 {\fs24\lang2057\langfe1033\langnp2057\insrsid10094740\charrsid16603948 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10094740 {\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 e) While on the opposite side of the island - because of this sections beach and frontage onto a motu it was also co}{\fs24\lang2057\langfe1033\langnp2057\insrsid10685768 m}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 pared with the }{\fs24\lang2057\langfe1033\langnp2057\insrsid10685768 Rima}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 Nicholas section at Ngatangiia which contains 1100m}{\fs24\lang2057\langfe1033\langnp2057\insrsid10685768 \'b2}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 and has been valued at $7,000.}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16603948 {\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 \par This property and its location is a good example of future valuation assessment difficulties that will undoubtedly arise - that is, should a property in a residential area tending towards future commercial development be valued in relation to comparable residential or commercial values? He re we have a locality where attractive homes have been built and new ones are continuing to be built. However at the same time}{\fs24\lang2057\langfe1033\langnp2057\insrsid3350333 }{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 commercial development has crept into the area and high goodwill prices have been paid to secure sections to establish these comme rcial enterprises. Should values over the area be related to the commercial values of say 10 or 12 properties; should sections be valued as residential sections and then at a higher figure for commercial sections? - if higher, what percentage increase sho uld this be?}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10094740\charrsid16603948 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 Such a situation has arisen in an interesting way in New Zealand. Te Puke was originally and predominately dairy farming. With the Kiwifruit industry growth, land values have increased from $500 per acre to $10,000 and even $20,000 per acre. T his "Kiwifruit value per acre" has placed a related value on dairy fa}{\fs24\lang2057\langfe1033\langnp2057\insrsid10685768 rm}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 s. For example if there are two 100 acre blocks adjoining and one is used for Kiwifruit growing and the other retained for dairying, and in all respects the blocks are comparable then should the values be different?}{ \fs24\lang2057\langfe1033\langnp2057\insrsid16603948 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10094740\charrsid16603948 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 Likewise in this area - if there is a trend in values related to commercial demand and commercial development then this must be reflected in the overall values applicable}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10094740 to sections in that }{\fs24\lang2057\langfe1033\langnp2057\insrsid10685768 area.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10685768\charrsid16603948 For}{ \fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 example, the value placed on the Cook Islands Dairy Foods section}{\fs24\lang2057\langfe1033\langnp2057\insrsid3350333 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 must have an effect on the Fryberg section next door, even if the latter is used}{\fs24\lang2057\langfe1033\langnp2057\insrsid10094740 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10685768\charrsid16603948 only}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 for residential purposes. To do otherwise}{\fs24\lang2057\langfe1033\langnp2057\insrsid10094740 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10685768\charrsid16603948 would}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 be to devise some system of valuation related to usage where a high commercial usage paid a high rent}{ \fs24\lang2057\langfe1033\langnp2057\insrsid3350333 based on a high valuation and }{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 a low or no usage residential section paid a nominal rent only. Such is not in accord with accepted valuation principles.}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10094740\charrsid16603948 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 This section is in a developing commercial sphere o}{\fs24\lang2057\langfe1033\langnp2057\insrsid10685768 f}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 influence}{\fs24\lang2057\langfe1033\langnp2057\insrsid10094740 }{\fs24\lang2057\langfe1033\langnp2057\insrsid10685768\charrsid16603948 while}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 at the same time it is still at present enjoying the residential qualities of the lands situation.}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948 }{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 This is reflected by the two holiday cottages on the lagoon and beach frontage overlooking the}{\fs24\lang2057\langfe1033\langnp2057\insrsid10094740 }{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 motu and the ocean.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid16603948 }{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 In addition, and at the same time, the commercial off ices of the building contractor are on the main road frontage opposite the airport.}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10094740\charrsid16603948 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3350333 Taking}{\fs24\lang2057\langfe1033\langnp2057\insrsid10094740 the five properties w}{\fs24\lang2057\langfe1033\langnp2057\insrsid10094740\charrsid16603948 hich}{ \fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 Counsel claimed were relative to this}{\fs24\lang2057\langfe1033\langnp2057\insrsid10094740 }{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 section}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10094740 }{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 we have the following projections.}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10094740\charrsid16603948 \par }\trowd \irow0\irowband0\ts17\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid8791051\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol \clvertalt\clbrdrt \brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2538\clshdrawnil \cellx2430\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth422\clshdrawnil \cellx2852 \clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1108\clshdrawnil \cellx3960\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth450\clshdrawnil \cellx4410\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1309\clshdrawnil \cellx5719\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth671\clshdrawnil \cellx6390\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1080\clshdrawnil \cellx7470\pard\plain \ql \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid7089971\yts17 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 1.\tab Air Rarotonga \cell }\pard \qc \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid8791051\yts17 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \cell }\pard \ql \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid10094740\yts17 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 3425m}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051 \'b2}{ \fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \cell }\pard \qc \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid8791051\yts17 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \cell }\pard \ql \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid7089971\yts17 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 $10,000\cell }\pard \qc \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid8791051\yts17 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 =\cell }\pard \ql \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid7089971\yts17 { \fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 $3m}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051 \'b2}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \trowd \irow0\irowband0 \ts17\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid8791051\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol \clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2538\clshdrawnil \cellx2430\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth422\clshdrawnil \cellx2852\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1108\clshdrawnil \cellx3960\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth450\clshdrawnil \cellx4410\clvertalt \clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1309\clshdrawnil \cellx5719\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth671\clshdrawnil \cellx6390\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1080\clshdrawnil \cellx7470\row }\pard\plain \ql \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid7089971\yts17 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 2.\tab Air Rarotonga \cell }\pard \qc \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid8791051\yts17 { \fs24\lang2057\langfe1033\langnp2057\insrsid8791051 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \cell }\pard \ql \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid10094740\yts17 { \fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 3584m}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051 \'b2}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \cell }\pard \qc \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid8791051\yts17 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \cell }\pard \ql \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid7089971\yts17 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 $}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 4,000\cell }\pard \qc \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid8791051\yts17 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 =\cell }\pard \ql \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid10094740\yts17 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 $lm}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051 \'b2}{ \fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 { \fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \trowd \irow1\irowband1 \ts17\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid8791051\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol \clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2538\clshdrawnil \cellx2430\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth422\clshdrawnil \cellx2852\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1108\clshdrawnil \cellx3960\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth450\clshdrawnil \cellx4410\clvertalt \clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1309\clshdrawnil \cellx5719\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth671\clshdrawnil \cellx6390\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1080\clshdrawnil \cellx7470\row }\pard\plain \ql \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid7089971\yts17 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 3.\tab Dairy Foods \cell }\pard \qc \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid8791051\yts17 { \fs24\lang2057\langfe1033\langnp2057\insrsid8791051 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \cell }\pard \ql \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid10094740\yts17 { \fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 1520m}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051 \'b2}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \cell }\pard \qc \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid8791051\yts17 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \cell }\pard \ql \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid7089971\yts17 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 $ 7,000\cell }\pard \qc \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid8791051\yts17 { \fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 =\cell }\pard \ql \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid10094740\yts17 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 $5m}{ \fs24\lang2057\langfe1033\langnp2057\insrsid8791051 \'b2}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \trowd \irow2\irowband2 \ts17\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid8791051\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol \clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2538\clshdrawnil \cellx2430\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth422\clshdrawnil \cellx2852\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1108\clshdrawnil \cellx3960\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth450\clshdrawnil \cellx4410\clvertalt \clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1309\clshdrawnil \cellx5719\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth671\clshdrawnil \cellx6390\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1080\clshdrawnil \cellx7470\row }\pard\plain \ql \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid7089971\yts17 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 4.\tab Fryberg \cell }\pard \qc \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid8791051\yts17 { \fs24\lang2057\langfe1033\langnp2057\insrsid8791051 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \cell }\pard \ql \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid10094740\yts17 { \fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 1540m}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051 \'b2}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \cell }\pard \qc \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid8791051\yts17 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \cell }\pard \ql \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid7089971\yts17 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 $ 2,400\cell }\pard \qc \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid8791051\yts17 { \fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 =\cell }\pard \ql \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid10094740\yts17 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 $1.50m}{ \fs24\lang2057\langfe1033\langnp2057\insrsid8791051 \'b2}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \trowd \irow3\irowband3 \ts17\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid8791051\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol \clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2538\clshdrawnil \cellx2430\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth422\clshdrawnil \cellx2852\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1108\clshdrawnil \cellx3960\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth450\clshdrawnil \cellx4410\clvertalt \clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1309\clshdrawnil \cellx5719\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth671\clshdrawnil \cellx6390\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1080\clshdrawnil \cellx7470\row }\pard\plain \ql \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid7089971\yts17 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 5.\tab Nicholas \cell }\pard \qc \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid8791051\yts17 { \fs24\lang2057\langfe1033\langnp2057\insrsid8791051 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \cell }\pard \ql \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid10094740\yts17 { \fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 1100m}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051 \'b2}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \cell }\pard \qc \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid8791051\yts17 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \cell }\pard \ql \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid7089971\yts17 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 $ 7,000\cell }\pard \qc \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid8791051\yts17 { \fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 =\cell }\pard \ql \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid10094740\yts17 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 $6m}{ \fs24\lang2057\langfe1033\langnp2057\insrsid8791051 \'b2}{\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\lang2057\langfe1033\langnp2057\insrsid8791051\charrsid10094740 \trowd \irow4\irowband4\lastrow \ts17\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid8791051\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol \clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2538\clshdrawnil \cellx2430\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth422\clshdrawnil \cellx2852\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1108\clshdrawnil \cellx3960\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth450\clshdrawnil \cellx4410\clvertalt \clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1309\clshdrawnil \cellx5719\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth671\clshdrawnil \cellx6390\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1080\clshdrawnil \cellx7470\row }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16603948 { \fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 \par I propose to ignore the Nicholas section since it is located on the other side of the island; cannot be regarded as}{\fs24\lang2057\langfe1033\langnp2057\insrsid3350333 }{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 relative and comparable; and is outside the immediate area and usages being considered.}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948 }{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 Similarly with the Fryberg section which was a rental fixed in 1977. \par \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10685768 {\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 This section is easily comparable with the Dairy Foods section both as to the date of valuation, vi} {\fs24\lang2057\langfe1033\langnp2057\insrsid3350333 z}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 1st January 1}{\fs24\lang2057\langfe1033\langnp2057\insrsid3350333 9}{ \fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 82; as to usage, vi}{\fs24\lang2057\langfe1033\langnp2057\insrsid3350333 z}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 commercial; and as to locality and frontage onto the lagoon. }{\fs24\lang2057\langfe1033\langnp2057\insrsid3350333 I}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 do not agree the beach frontage is attr active. However if anything, this property is more desirable since it is larger the comparison being 1520m}{\fs24\lang2057\langfe1033\langnp2057\insrsid10685768 \'b2}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 to 2125m}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10685768 \'b2}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16603948 {\fs24\lang2057\langfe1033\langnp2057\insrsid10685768\charrsid16603948 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 I therefore adopt the market value established by the Dairy Foods lease in May 1982 and, fix the value of this section as at the 18th January 1982 at $10,6}{ \fs24\lang2057\langfe1033\langnp2057\insrsid3350333 25 and a Rental of $531.25 p.a.}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 Costs of $150 and $5 filing fee to be paid to }{ \fs24\lang2057\langfe1033\langnp2057\insrsid3350333 M}{\fs24\lang2057\langfe1033\langnp2057\insrsid16603948\charrsid16603948 r Tylor. \par }}