"Waters and others v Welsh Development Agency" ([2004] UKHL 19, Abs67824) provides an indepth analysis into the state of the law regarding the payment of compensation where land is being acquired for development under a compulsory purchase order. Explains the background to the basis of valuation and the three alternative methods of valuations proposed by the claimants, these being i) as agricultural land, ii) as a nature reserve and iii) with a ransom value on the basis that the land was indispensable to the barrage scheme. The appeal was based upon the third method of valuation. Raises a number of issues including value of the land, value to the owner principle, "Point Gourde", the Land Compensation Act 1961, what is to be disregarded and ransom value. HL held that the claimants' land formed an integral part of the scheme and should be valued on this basis. The land's potential use as a nature reserve had to be taken into consideration when assessing compensation but market value should not include enhanced value attributable to the proposed use under the scheme. Discusses the implications of the ruling on future claims.