Developer To Earn €67M Profit From Public Land Site - Independent.İe

Developer To Earn €67M Profit From Public Land Site - Independent.İe

Developer to earn €67m profit from public land site - Independent.ie

Developer to earn €67m profit from public land site

14.9.2019

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

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