The alignment of Outer Metropolitan Ring Road (OMR) was gazetted and reserved within a Public Acquisition Overlay (PAO) in August 2010. The 70 kilometre long reservation stretches from Little River in Melbourne’s west to Kalkallo in the north. At the same time the E6 Transport Corridor between Kalkallo and Bundoora was reconfirmed as part of the OMR project, with this section 23 kilometres long. Infrastructure Victoria released a report in October 2016 that again confirmed the OMR project, with an expected construction time frame of within 15-30 years. The PAO affects around 450 parcels of land.
Although acquisition of affected properties is not expected for some time, land holders who owned their properties before the PAO was introduced have the right to claim compensation under the Planning and Environment Act by either Loss on Sale or a Permit Refusal basis. Urbis has been engaged by various land owners and legal representatives, having been involved in over 20 claims since the PAO was gazetted. We have provided valuation advice for over $325,000,000 of compensation.
The properties that Urbis have been instructed to value include a diverse portfolio across multiple planning zones. These include large residential estates, future residential and industrial development properties, rural and commercial land holdings. Urbis, in conjunction with Melbourne’s leading solicitors and barristers, continue to guide its clients through the lengthy and complex process.
Urbis, in conjunction with Melbourne’s leading solicitors and barristers, continue to guide its clients through the lengthy and complex process.