Joe McHugh (Donegal, Fine Gael) | Oireachtas source

The first question I asked when I was briefed on the issue yesterday was if there were any property value comparisons in the area because I wanted to get my head around it. The sum of €23 million for 6 acres is big money. The Valuation Office concluded in April 2017 that the appropriate market valuation for the site was €23 million, which breaks down to €3.8 million an acre. To place the valuation in context, subsequent to the valuation report I understand that a 3.43 acre site on Harold's Cross Road, about 1 km from the site, achieved a price in excess of €15 million, or more than €4.367 million an acre, in mid-2017. That is only one example which provides a context.

I reiterate what Deputy Byrne said about transparency and the independence of the Valuation Office, which is made up of civil servants. I know the Deputy is not questioning the office's valuation, but he does raise a very important issue in the context of the overall bundle of money that is available that the sum of €23 million is sizeable.

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