statutory valuation

 In Challenger Property Asset Management Pty Ltd & Anor v Stonnington City Council & Anor [2011] VSC 184 known as the Jam Factory Case the court adopted six considerations as the correct approach when assessing capital improved. Two of these considerations are: 1. the value of the land is to be assessed by reference to a hypothetical sale of a fee simple interest in the land and on the basis that the fee simple interest is not affected by any actual lease; and 2. the hypothetical sale should assume that the occupation of the land is at market rates. With reference to the Jam Factory Case describe in your own words the court’s interpretation of each of the above considerations and the discuss the relevant application in valuation practice.