Seán Sherlock (Cork East, Labour)
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Question 506: To ask the Minister for Enterprise, Trade and Employment if he will intervene in negotiations between the Industrial Development Authority and the owner of a plant (details supplied) in County Cork which are currently at a standstill over the IDA's valuation of the freehold, which if purchased by the owner of the unit would enable them to divide the unit into 15 smaller units which would in turn create employment in the area; and if he will make a statement on the matter. [11322/08]

Micheál Martin (Cork South Central, Fianna Fail)
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The management of IDA Ireland's industrial property portfolio is a day-to-day operational matter for the Agency, as part of the statutory responsibility assigned to it by the Oireachtas and it is not a matter in which I have a function.

I have been informed by IDA Ireland that, in July 2006, it first received correspondence from the owner of the property in question in which he expressed an interest in purchasing the freehold interest of that property. As it is IDA's policy to dispose of all property interests at open market value, the Agency obtained a valuation of its interest in this property in August 2006. In October, 2006, the Agency issued a letter of offer on the freehold interest in the building to the owner at a price based on the valuation it had received.

I understand that the owner of the property subsequently obtained separate valuations from two other valuers, both of whom valued the property at a considerably lower figure than the valuation provided by IDA's agent.

Whereas there may have been disagreement between the parties as to the approach to the valuations and negotiations, it always was, and remains IDA's intention to seek agreement to sell its interest at current market value. The Agency has informed me that it would welcome a meeting with the owner to discuss the outcome of the valuations received and the Agency is in the process of organising a meeting between the parties at an early and mutually convenient date to progress the issue.