A block of land two minutes’ walk from the beach in Byron Bay has lost more than $5 million of its value after a court ruled it was little more than a grazing paddock, with limited potential for development.
The decision is a win for owner Hammock Investments, a company linked to 1970s TV power couple and Byron Bay locals Delvene Delaney and the late John “Strop” Cornell.
The 15-hectare property at Belongil Beach.Credit:
Hammock Investments sued the NSW Valuer General in the Land and Environment Court after receiving a land tax bill that put the value of the 15-hectare block at $5.9 million in 2021, and $8.3 million in 2022. When the company objected, the Valuer General reduced the 2022 value to $6 million but still ended up in court.
Expert valuer Robert Houldon told the court the block behind Belongil Beach would pose a “once-in-a-lifetime” opportunity if it was put up for sale, despite a flooding risk, and a buyer would not blink at a $6 million price tag.
“[They would say] ‘We’ll wear the risk because you know what? This could be a $50 million – it could be a $40 million – site’.”
Paul Hogan, John “Strop” Cornell and Delvene Delaney starred in The Paul Hogan Show. Credit:
But the court found the land should only have been valued at $810,000 in 2021 and 2022 because the state government had not approved a critical council document that identified one hectare of the land for future housing.
The ruling means Hammock Investments should only have to pay $980 in land tax rather than $87,500.
‘This could be a $50 million – it could be a $40 million – site.’
Valuer Robert Houlden
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