A premier Queen Street Mall retail site has had its land value slashed after its owner appealed against the Valuer-General’s decision to double its value.
The real estate, which was once valued at $59.5 million, has been cut to just $35.1 million.
The appeal by ISPT property against the Valuer-General hinged on whether the “highest and best use” for 170 Queen Street was the existing retail use or some mixed-use commercial tower with some retail.