Summary of Expert Report Colin David Smith FRICS

Transcript:Summary of Expert Report Colin David Smith FRICS:
Summary of Expert Report Colin David Smith FRICS Colin Smith – Career Summary Valuation Office Agency from 1972 to 1989 – Cadet Valuer to First Class valuer. Specialised in compulsory purchase + compensation on motorway and trunk road projects Equity Partner at Bruton Knowles (Gloucester) 1989 – 2006. Lead land acquisition consultant on Channel Tunnel Rail Link (High Speed 1) Senior Director CBRE (London) 2006 to date. Lead land acquisition consultant on 2012 London Olympic Games (850 acres of run down and derelict land) and Heathrow Airport (Third Runway) Expansion 2018 – 2020 (project currently shelved due initially to legal challenge and now post Covid). Extensive appearances as expert witness in Lands Tribunal, UK and East Caribbean High Court, Public Inquiries and Development Consent Order examinations. Many of which are Leading cases. Member of the IRWA International Relations Committee Frequent contributor at International Conferences in USA and Canada Former Chairman, Hon Secretary (and in 2013) awarded Honorary Member of Compulsory Purchase Association Valuation Issue in Dispute I have been asked to prepare an expert report on behalf of my clients – Metropolis Airport – in respect of the acquisition of various areas of land for a new runway and extension of the existing Airport A plan showing the land to be acquired – which forms part of the agreed facts – is on the following slide The land to be acquired includes part of a larger land holding, the freehold of which is owned by Logipol SA The land is currently used for growing arable crops and farmed by Logipol’s tenant – Farmer Giles; his claim for compensation is a separate matter that is not the subject of this dispute Plans Agreed facts The total area of land owned by the claimant is 100 hectares The entire property was acquired in 2009 from a real estate developer for €1m The area of land being acquired for the expansion of the existing airport is 20 hectares The land owned by the claimant has no current zoning or other planning designation for any form of development but a rail served logistics depot has been promoted The value of the subject land for its existing use is €1.2 million The value of the subject land with planning permission for the proposed development is €60 million Agreed Facts (continued) There is no evidence of market value for the intended use of the subject land