When TransGrid acquires an easement on private property the landholder is entitled to compensation under the Land Acquisition (Just Terms Compensation) Act 1991.
TransGrid undertakes to compensate each landholder with a monetary amount which fairly reflects the overall impact which the easement will have on their property. Many factors are considered when assessing compensation, so it is likely that the amount paid to each landholder will vary accordingly.
How is Compensation Determined?
TransGrid employs an independent registered property Valuer to carry out a detailed current land valuation in order to determine the amount of compensation payable to the landholder. After which, TransGrid will make the landowner a formal offer.
TransGrid encourages landowners to seek independent valuation and legal advice when considering their offer of compensation.
Certain costs reasonably incurred by the landowner as a result of the easement acquisition process, such as legal costs or valuation fees, may be reimbursed by TransGrid in addition to the agreed compensation payment.
Compensation Negotiations
In accordance with the Land Acquisition (Just Terms Compensation) Act 1991, TransGrid seeks to obtain easements through private treaty negotiations with the landowner. If the landowner has obtained a private assessment of compensation for the easement over their property, the valuations by both parties will be reviewed to assist the negotiation process.
If a compensation agreement with the landholder cannot be reached after a reasonable period of time, TransGrid may consider beginning the process of compulsorily acquiring the easement. In such cases, the amount of compensation
is determined independently by the NSW Valuer General.
Compensation will be paid to the landholder once the easement is registered on the Land Title and any other legal requirements have been met.