Compulsory purchase tension

By Shaun Inguanzo
VICURBAN will pay for a valuer of the property owner’s choice in a bid to resolve property-acquisition tensions between frustrated central Dandenong business owners and the planning body.
VicUrban held a meeting with tenants, tenant-owners and owners of central Dandenong businesses last Monday to explain details on the purchase of and possible compulsory acquisition of central Dandenong sites it required for the Revitalising Central Dandenong project.
A crowd of about 100 people filled the rehearsal room at the Drum Theatre and fired questions at VicUrban transit cities general manager Dominic Arcaro over the processes involved.
Many cited personal circumstances to Mr Arcaro who urged the owners and traders to book a one-on-one appointment with VicUrban to work out a solution.
Mr Arcaro responded to concerns that properties would be undervalued by its valuer by stating that the owners could bring in their own accredited valuer for a second opinion.
Mr Arcaro said VicUrban was prepared to foot the bill for the extra valuer if cost was an issue.
Both valuers would then be ‘thrown into a room’ to nut out a correct value for the property, based on market value, and not potential, he said.
Accredited valuer from TPC Valuers in Dandenong Wayne Taylor was present at the meeting and later told the Star that the commercial market was currently strong around metropolitan Melbourne, including Dandenong.
He said resolving a situation between two valuers had the potential to take either no time at all or, in some cases, years.
“I’ve had one case for compensation where for two and a half years the client has battled the government,” he said.
“Valuation is based on evidence around the site, such as recent sales.”