❓ A WA parliamentary question addresses a significant rent increase for Lot H in Carnarvon Boat Harbour, questioning the justification for the increase and inquiring about the valuation process and any improvements made to the property.
AnsweredQoN 219Legislative Council
QuestionView source ↗
CARNARVON BOAT HARBOUR — MARKET RENTAL VALUATION
I refer to the lease of Lot H, Carnarvon Boat Harbour. (1) Who conducted the market rental valuation carried out on 31 October 2007? (2) What was the rationale used to determine that the current market rental for Lot H was to be $14 400? (3) Have any improvements been made to the leased area by the Department for Planning and Infrastructure since 11 March 2005? (4) On what grounds can the minister justify a rent increase from $6 000 to $14 400 for this lease? Hon ADELE FARINA
I refer to the lease of Lot H, Carnarvon Boat Harbour. (1) Who conducted the market rental valuation carried out on 31 October 2007? (2) What was the rationale used to determine that the current market rental for Lot H was to be $14 400? (3) Have any improvements been made to the leased area by the Department for Planning and Infrastructure since 11 March 2005? (4) On what grounds can the minister justify a rent increase from $6 000 to $14 400 for this lease? Hon ADELE FARINA
AnswerView source ↗
I thank the member for some notice of this question. (1) McGees Property. (2) The rationale was market evidence, being industrial sales evidence from the various industrial precincts of Carnarvon, together with a rental valuation methodology that determines the rental value for the land based on a rate of return on the unimproved value of the land. (3) No. (4) The increase is based on current market valuation by a certified practising valuer, and is considered by that valuer to be fair market rental value.
(1) Who conducted the market rental valuation carried out on 31 October 2007? (2) What was the rationale used to determine that the current market rental for Lot H was to be $14 400? (3) Have any improvements been made to the leased area by the Department for Planning and Infrastructure since 11 March 2005? (4) On what grounds can the minister justify a rent increase from $6 000 to $14 400 for this lease? Hon ADELE FARINA replied: I thank the member for some notice of this question. (1) McGees Property. (2) The rationale was market evidence, being industrial sales evidence from the various industrial precincts of Carnarvon, together with a rental valuation methodology that determines the rental value for the land based on a rate of return on the unimproved value of the land. (3) No. (4) The increase is based on current market valuation by a certified practising valuer, and is considered by that valuer to be fair market rental value.
(2) What was the rationale used to determine that the current market rental for Lot H was to be $14 400? (3) Have any improvements been made to the leased area by the Department for Planning and Infrastructure since 11 March 2005? (4) On what grounds can the minister justify a rent increase from $6 000 to $14 400 for this lease? Hon ADELE FARINA replied: I thank the member for some notice of this question. (1) McGees Property. (2) The rationale was market evidence, being industrial sales evidence from the various industrial precincts of Carnarvon, together with a rental valuation methodology that determines the rental value for the land based on a rate of return on the unimproved value of the land. (3) No. (4) The increase is based on current market valuation by a certified practising valuer, and is considered by that valuer to be fair market rental value.
(3) Have any improvements been made to the leased area by the Department for Planning and Infrastructure since 11 March 2005? (4) On what grounds can the minister justify a rent increase from $6 000 to $14 400 for this lease? Hon ADELE FARINA replied: I thank the member for some notice of this question. (1) McGees Property. (2) The rationale was market evidence, being industrial sales evidence from the various industrial precincts of Carnarvon, together with a rental valuation methodology that determines the rental value for the land based on a rate of return on the unimproved value of the land. (3) No. (4) The increase is based on current market valuation by a certified practising valuer, and is considered by that valuer to be fair market rental value.
(4) On what grounds can the minister justify a rent increase from $6 000 to $14 400 for this lease? Hon ADELE FARINA replied: I thank the member for some notice of this question. (1) McGees Property. (2) The rationale was market evidence, being industrial sales evidence from the various industrial precincts of Carnarvon, together with a rental valuation methodology that determines the rental value for the land based on a rate of return on the unimproved value of the land. (3) No. (4) The increase is based on current market valuation by a certified practising valuer, and is considered by that valuer to be fair market rental value.
Hon ADELE FARINA replied: I thank the member for some notice of this question. (1) McGees Property. (2) The rationale was market evidence, being industrial sales evidence from the various industrial precincts of Carnarvon, together with a rental valuation methodology that determines the rental value for the land based on a rate of return on the unimproved value of the land. (3) No. (4) The increase is based on current market valuation by a certified practising valuer, and is considered by that valuer to be fair market rental value.
I thank the member for some notice of this question. (1) McGees Property. (2) The rationale was market evidence, being industrial sales evidence from the various industrial precincts of Carnarvon, together with a rental valuation methodology that determines the rental value for the land based on a rate of return on the unimproved value of the land. (3) No. (4) The increase is based on current market valuation by a certified practising valuer, and is considered by that valuer to be fair market rental value.
(1) McGees Property. (2) The rationale was market evidence, being industrial sales evidence from the various industrial precincts of Carnarvon, together with a rental valuation methodology that determines the rental value for the land based on a rate of return on the unimproved value of the land. (3) No. (4) The increase is based on current market valuation by a certified practising valuer, and is considered by that valuer to be fair market rental value.
(2) The rationale was market evidence, being industrial sales evidence from the various industrial precincts of Carnarvon, together with a rental valuation methodology that determines the rental value for the land based on a rate of return on the unimproved value of the land. (3) No. (4) The increase is based on current market valuation by a certified practising valuer, and is considered by that valuer to be fair market rental value.
(3) No. (4) The increase is based on current market valuation by a certified practising valuer, and is considered by that valuer to be fair market rental value.
(4) The increase is based on current market valuation by a certified practising valuer, and is considered by that valuer to be fair market rental value.
(1) Who conducted the market rental valuation carried out on 31 October 2007? (2) What was the rationale used to determine that the current market rental for Lot H was to be $14 400? (3) Have any improvements been made to the leased area by the Department for Planning and Infrastructure since 11 March 2005? (4) On what grounds can the minister justify a rent increase from $6 000 to $14 400 for this lease? Hon ADELE FARINA replied: I thank the member for some notice of this question. (1) McGees Property. (2) The rationale was market evidence, being industrial sales evidence from the various industrial precincts of Carnarvon, together with a rental valuation methodology that determines the rental value for the land based on a rate of return on the unimproved value of the land. (3) No. (4) The increase is based on current market valuation by a certified practising valuer, and is considered by that valuer to be fair market rental value.
(2) What was the rationale used to determine that the current market rental for Lot H was to be $14 400? (3) Have any improvements been made to the leased area by the Department for Planning and Infrastructure since 11 March 2005? (4) On what grounds can the minister justify a rent increase from $6 000 to $14 400 for this lease? Hon ADELE FARINA replied: I thank the member for some notice of this question. (1) McGees Property. (2) The rationale was market evidence, being industrial sales evidence from the various industrial precincts of Carnarvon, together with a rental valuation methodology that determines the rental value for the land based on a rate of return on the unimproved value of the land. (3) No. (4) The increase is based on current market valuation by a certified practising valuer, and is considered by that valuer to be fair market rental value.
(3) Have any improvements been made to the leased area by the Department for Planning and Infrastructure since 11 March 2005? (4) On what grounds can the minister justify a rent increase from $6 000 to $14 400 for this lease? Hon ADELE FARINA replied: I thank the member for some notice of this question. (1) McGees Property. (2) The rationale was market evidence, being industrial sales evidence from the various industrial precincts of Carnarvon, together with a rental valuation methodology that determines the rental value for the land based on a rate of return on the unimproved value of the land. (3) No. (4) The increase is based on current market valuation by a certified practising valuer, and is considered by that valuer to be fair market rental value.
(4) On what grounds can the minister justify a rent increase from $6 000 to $14 400 for this lease? Hon ADELE FARINA replied: I thank the member for some notice of this question. (1) McGees Property. (2) The rationale was market evidence, being industrial sales evidence from the various industrial precincts of Carnarvon, together with a rental valuation methodology that determines the rental value for the land based on a rate of return on the unimproved value of the land. (3) No. (4) The increase is based on current market valuation by a certified practising valuer, and is considered by that valuer to be fair market rental value.
Hon ADELE FARINA replied: I thank the member for some notice of this question. (1) McGees Property. (2) The rationale was market evidence, being industrial sales evidence from the various industrial precincts of Carnarvon, together with a rental valuation methodology that determines the rental value for the land based on a rate of return on the unimproved value of the land. (3) No. (4) The increase is based on current market valuation by a certified practising valuer, and is considered by that valuer to be fair market rental value.
I thank the member for some notice of this question. (1) McGees Property. (2) The rationale was market evidence, being industrial sales evidence from the various industrial precincts of Carnarvon, together with a rental valuation methodology that determines the rental value for the land based on a rate of return on the unimproved value of the land. (3) No. (4) The increase is based on current market valuation by a certified practising valuer, and is considered by that valuer to be fair market rental value.
(1) McGees Property. (2) The rationale was market evidence, being industrial sales evidence from the various industrial precincts of Carnarvon, together with a rental valuation methodology that determines the rental value for the land based on a rate of return on the unimproved value of the land. (3) No. (4) The increase is based on current market valuation by a certified practising valuer, and is considered by that valuer to be fair market rental value.
(2) The rationale was market evidence, being industrial sales evidence from the various industrial precincts of Carnarvon, together with a rental valuation methodology that determines the rental value for the land based on a rate of return on the unimproved value of the land. (3) No. (4) The increase is based on current market valuation by a certified practising valuer, and is considered by that valuer to be fair market rental value.
(3) No. (4) The increase is based on current market valuation by a certified practising valuer, and is considered by that valuer to be fair market rental value.
(4) The increase is based on current market valuation by a certified practising valuer, and is considered by that valuer to be fair market rental value.
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