Developer to earn €67m profit from public land site
Developer Bartra Capital is set to make around €67m in profit after it takes over the publicly owned site at O'Devaney Gardens, develops it and sells the property.
Dublin City Council, whose deputy chief executive Brendan Kenny has insisted the site is not being"given away" to the private developer, has refused to say how much it stands to make from the deal.
However, it is understood the developer stands to make tens of millions on the back of the public asset.
Affordable values for the properties were contained in Mr Kenny's report. These were adjusted upwards for the 411 properties to be sold privately on the basis that a 40pc market-rate discount applied.
The council has refused to be transparent about the total value of the deal to Bartra, citing commercial sensitivity and an ongoing procurement process.
Local councillor Anthony Flynn said:"It is absolute madness for councillors to agree to give away prime public lands in the middle of the worst housing crisis this country has ever seen while we have over 10,000 people in emergency homeless accommodation."
The cheapest affordable properties at the site, two-bedroom houses, will still cost at least €270,000, meaning a household will have to earn almost €70,000 a year to buy under Central Bank rules.Read more: Independent.ie
Gardaí renew appeal to public for help in finding 13-year-old Chantelle Doyle - Independent.ieGardaí have renewed an appeal to the public for help in finding 13-year-old Chantelle Doyle.
Pressure on Noel Grealish to withdraw claim Africans 'sponge off the system' - Independent.ieIndependent TD Noel Grealish brazenly appeared in public amid the ongoing storm about his African “spongers” remarks, but has failed to address the controversy.
Grealish under fire for alleged 'spongers' commentsGalway Anti-Racism Network calls for Independent TD Noel Grealish to step down after comments he made about asylum seekers at a meeting in Oughterard | Read more: RLTW14 its a 'violation of his duties to his constituents'? foreigners aren't his constituents u twit Leo needs to stand down after his Christianophobic remarks We don't need anymore in our country. Our own are dying on the streets while these people are given everything
TD Noel Grealish urged to retract alleged remarks about asylum seekers - Independent.ieJUSTICE Minister Charlie Flanagan has said he is 'disappointed' about alleged remarks made about asylum seekers by an independent TD at a public meeting in Galway.
Fireman Sam dropped as fire service mascot amid claims he's not inclusive enough - Independent.ieFireman Sam has been dropped as a fire service mascot, following claims he is not inclusive enough.
'UK hasn't proposed any legally credible or workable backstop alternatives' - Michel Barnier - Independent.ieThe European Union's chief Brexit negotiator said the bloc is still waiting for proposals from UK Prime Minister Boris Johnson to end the impasse over Britain's departure, which is due