Saturday, August 2, 2014

Lawsuit over carpark

A long running lawsuit about a car parking space reached conclusion recently, with a decision from the Queensland Court of Appeals.
See Hadgelias Holdings and Waight v Seirlis & Ors [2014] QCA 177
A person purchased an expensive apartment, and was told that there were 3 car parks, but in fact, there were only 2 carparks plus a storage space.  Damages were awarded in favour of the purchaser.

An interesting calculation quoted in the judgment, where it was stated that the value of the apartment at the time was falling at a rate of $45,000 month, independent of the car park issue:

"Using apartment 4404 as a basis for valuing the Seirlis apartment in April 2010, he deducted the following amounts from its January 2010 sale price of $2.65 million: $135,000, to represent the three months which had elapsed to April 2010; $50,000 for its superior fit-out; $60,000 for its additional two floors in height; and $100,000 as the estimated value of the third car space. That brought him to a figure of $2.305 million for the value of Mrs Seirlis’ apartment. From the sale price of apartment 4804 in October 2009, $2.9 million, he deducted $270,000 to represent the passage of six months, $180,000 to reflect the six floor difference, $50,000 for its superior fit out and $50,000 for the value of its storage facility. That gave a value for Mrs Seirlis’ apartment of $2.35 million as at the date of

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