June 14, 2024
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Waterstone Realty Ltd sues government for $4.7m over National Cathedral project

A Real Estate agency, Waterstone Realty Limited has sued the Lands Commission for the demolition of a two-storey multipurpose building previously located at the current location of the National Cathedral project.

The plaintiff, in its writ of summons, said the defendant, the Lands Commission in 2018 compulsorily possessed and demolished its apartment for the construction of the National Cathedral project.

Waterstone Realty Ltd sues government for $4.7m over National Cathedral project

Waterstone Realty Limited has therefore demanded the following amounts to be paid as damages.

 “An order directed at the defendants to pay the plaintiff of the sum of USD$4,721,000.00 being the market value of the two-storey multipurpose building complex at the time of compulsory possession and demolition by Defendants.”

It also wants the court to ask “the defendants to pay the plaintiff the sum of USD$995,508.52 being the difference in terms of the established market value of the plaintiff’s property on the land being the sum USD$4,721,000.00 and the actual value of the property as of May 2018 when the defendant repossessed the property being the value of the two-storey multipurpose building”.

Waterstone Realty Ltd sues government for $4.7m over National Cathedral project

The damages sought include an amount of $54,000 to be paid as a loss of rent.

In addition, Waterstone wants an interest on the above sums from the first day of June 2018.

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