Yarra’s Edge class action

Yarra’s Edge is launching a class action seeking potentially $300 million compensation for diminished property values caused by the proposed tram bridge to Fishermans Bend.

Yarra’s Edge Class Action Committee (YCAC) spokesperson Catherine Dawson said the action would be launched early in 2018 and represented property owners, businesses, Marina YE and tenants of the marina.

She said the group was in final negotiations with Australia’s three largest class action legal firms. The chosen firm would act on a “no win, no fee” basis.

“There’s certainly no issue with the lawyers wanting to represent us,” Ms Dawson said.

She said that 1500 apartments would each devalue by between $50,000 and $100,000. The loss of the marina and associated amenity would also need to be calculated.

“The bridge proposal is still in a draft form, but values have already been affected,” she said. “Outside of bushfires, there is no doubt this will be one of the biggest class actions ever brought in Victoria.”

She said the action was being launched on an “opt out” basis. All affected individuals and businesses are represented unless they choose not to be.

Ms Dawson said committee members had accepted that the bridge could not be stopped and all that remained was to seek adequate compensation.

“We have no other option,” she said. “The so-called consultation is just a box-ticking exercise.”

Ms Dawson encouraged owners and business in the rest of Docklands to consider forming a closely-aligned Victoria Harbour Class Action Committee (VCAC) if a freight or pedestrian/cyclist bridge was built across the mouth of the harbour at a level lower than the Bolte Bridge.

“I’d be very happy to receive emails from affected people in the rest of Docklands,” she said.

Ms Dawson is a Yarra’s Edge resident and marina berth tenant and is acting in a voluntary capacity.

In her day job, she works for a Collins St finance company, which specialises in property valuation on behalf of class action lawyers. She can be contacted on [email protected]