Yahoo Finance Tiffany & Co sues Sydney metro project for $109 million
Tiffany & Co is suing the state government for forcibly acquiring its Martin Place office and store to make way for the Sydney metro rail.
The jeweller, which has since opened a new flagship store on the corner of King and Pitt street, launched legal action in New South Wales’ Land and Environment Court against Sydney metro, and is seeking $109 million in compensation, Fairfax Media reported.
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The $109,173,693 claim for “loss attributable for disturbance” encompasses a one-off relocation cost of $57 million, almost $2 million in increased operating costs and $41 million for additional expenses after the move.
According to Fairfax, Tiffany & Co’s draft statement of claim shows the compensation also includes $421,651 for legal fees, and $253,478 for compensation consultants.
The company is also seeking $312,539 in market value compensation from the government.
The building was among $1.8 billion worth of property acquisitions that were made in order to make way for the second stage of the metro line.
116 further properties to be acquired
Just this week it was announced a further 116 properties worth $20 billion would need to be acquired for the central Sydney to Parramatta metro line.
Of those properties, 93 are commercial and 23 are residential, with initial work to begin next year in the Bays Precinct in Rozelle.
The NSW government also faced mounting criticism as NSW Sports Minister John Sidoti was found to have interests in two properties close to the site of a proposed train station on Great North Road at Five Dock.
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