A land Valuation Tribunal in Dunedin yesterday reserved a decision on a case brought by Minaret Station.
The station, a 22,000ha property with a 25km frontage on to Lake Wanaka, is appealing changes to the way its land is valued and rent calculated, which includes amenity or non-pastoral values.
The change would more than double its rent to $118,000 a year.
The case centred on the appropriate methodology to ascertain the value of land exclusive of improvements (LEI), and whether the LEI should include amenity values such as views, access to lakes, rivers and mountains.
The case is being seen by the Crown as a test for the way it values land and sets rents, but lessees say the lease agreement forfeits the Crown's right to rent for those amenity values, and many say the new rents are unaffordable.
The Labour Government announced last year it believed amenity values were part of the land and should therefore be included in rents.
The tribunal heard closing arguments from Nick Davidson QC, for Minaret Station, and Brendan Brown QC, for the Commissioner of Crown Lands.
Both traversed a complex set of arguments for their positions, in front of about 40 members of the public.
Mr Davidson told the tribunal it had an "immense weight" on it shoulders, as its decision would affect the economic survival of lessees.
