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Tiffany & Co. was forced to move out of its long-standing store on Martin Place to make way for the Sydney Metro development.
Tiffany & Co. was forced to move out of its long-standing store on Martin Place to make way for the Sydney Metro development.

Tiffany & Co. sues NSW Government for more than $100m

The Australian arm of US jewellery company Tiffany & Co. has commenced legal proceedings against the NSW Government’s Sydney Metro agency.

The dispute centres on the compulsory acquisition of Tiffany & Co.’s former Sydney flagship store and regional office, located at 39 Martin Place, for the city’s Metro rail project.

The building’s owner, Dexus Holdings, sold the tower – and its leasehold in an adjacent shopping area – to Transport For NSW, the government department that controls Sydney Metro, for $332 million in November 2016.

“In court documents, Tiffany & Co. claims it is owed $109 million in compensation for the forced move, including relocation costs of $57 million”

Tiffany & Co. was forced to relocate a year later when the 22-storey block was scheduled for demolition. It had leased the high-profile Martin Place premises for more than 10 years.

A temporary store and office were established before the new flagship store was opened in April this year, months behind its predicted completion date.

In court documents, Tiffany & Co. claims it is owed $109 million in compensation for the forced move, including relocation costs of $57 million, $41 million in additional expenses, $2 million in increased operating costs, legal and consulting fees totalling more than $600,000, and $300,000 in ‘market value compensation’.

The claim has been made under the Land Acquisition (Just Terms Compensation) Act 1991 and will be heard in the NSW Land and Environment Court

A spokesperson for Sydney Metro told the Sydney Morning Herald that the compensation offered to Tiffany & Co. was determined by the Valuer General in accordance with the Act, but did not confirm the amount.

A conciliation conference has been scheduled for 12 November.


More reading:
LVMH confirms plans to buy Tiffany & Co.
Tiffany & Co. launches first full men’s collection
Tiffany & Co. creates hype leading into Christmas
 











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Friday, 22 November, 2019 09:51pm
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