Hi Todd,
I agree that they are not exempt under this Section based on your assessment however if the shops are vacant and unleased they could still be entitled to an exemption under 555(1)(a) being land owned by the Crown, not being land held under a lease for private purposes. This is because Sydney Metro is declared a Government Agency under 38(2) of the Transport Administration Act, and under 13A(1) of the Interpretations Act “If an Act provides that a body is (a) a NSW Government agency…….the body has the status, privileges and immunities of the Crown”.
If they have applied under 555(1)(g3) only you can knock them back under that Section citing your reasons, and see if they come back with a different argument under 555(1)(a).
Kind regards,
Matthew