Sirius Secures Major Win in Land Valuation Dispute at The Rocks

Following the decision in Millers Point Community Assoc. Incorporated v Property NSW [2017] NSWLEC 92, the iconic Sirius building has successfully appealed land tax assessments on the site at of its luxury redevelopment 36-50 Cumberland Street in Sydney’s Rocks precinct.  In November of last year, Sirius challenged the land valuations issued by the NSW Chief Commissioner of State Revenue across 4 rating years, between 2020 and 2023. The Commissioner had initially valued the land as rising steadily from $105 to $155 million over that period. Sirius objected, arguing these figures had significantly overstated the site’s unimproved land value and would inflate its land tax obligations. These objections were partially upheld by the Valuer-General, which brought down the 2021, 2022 and 2023 figures slightly. Sirius appealed to the NSW Land and Environment Court where it sought lower valuations which would align more closely with its own assessments, which ranged from $62.8 million in 2020 to $88.4 million in 2023. The Valuer-General’s office submitted far higher figures during the appeal process than previously accepted, suggesting values exceeding $194 million in most recent years. After negotiations and a conciliation meeting, the parties reached agreement on revised valuations for all 4 years in question. The land was ultimately valued at $86.3 million in 2020, $95.1 million in 2022, and $88.4 million in 2023. This has substantially reduced Sirius’ land tax burden.