Joan Burton (Dublin West, Labour)
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Question 101: To ask the Minister for Finance the arrangements the Office of Public Works has made for the disposal of Hawkins House; the amount of revenue he would expect to raise from such disposal; and if he will make a statement on the matter. [40507/08]

Martin Mansergh (Tipperary South, Fianna Fail)
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The Commissioners of Public Works have entered into an Agreement for Lease with the owner of the Apollo Premises. The owner of the Apollo Premises intends to re-develop the overall Apollo/Hawkins House site. The costs of the redevelopment will be borne entirely by the owner of the Apollo Premises.

If certain conditions in the Agreement for Lease are met by the owner of the Apollo Premises, OPW will grant it a lease. The terms of the Agreement for Lease and the Lease provide that OPW will receive monetary consideration for the granting of the Lease and a percentage share of the rental income generated from the new development, subject to a minimum annual rent, for the term of the Lease.

Prior to entering into the Agreement for Lease independent valuations were carried out on a number of proposals for development/sale of Hawkins House. The present option proved the most beneficial to the State.