Te Marua Ltd v Wellington Regional Water Board - [1983] NZLR 694

Public Works — Compensation for land taken — Assessment of owner's loss — Whether compensation should be determined by earlier contract of sale — Owner entered into a conditional contract in January 1974 for sale of land for $1.25 million — Parties were aware of designation making it likely that part of the land might be taken for water supply purposes and contract provided for this eventuality — Owner was notified in February 1975 that whole of land would be taken — Parties to conditional contract agreed in April 1975 that contract was at an end — Owner entered into an agreement with Water Board that provided that compensation would be assessed at the specified date of 1 January 1976 — Administrative Division assessed compensation at $846,000 — There was no dispute that that was the land's market value at 1 January 1976 but owner claimed that it was entitled to compensation of $1.25 million — Whether owner was entitled to $1.25 million as compensation — Public Works Act 1928, s 42 — Finance Act (No 3) 1944, s 29.