Jim O'Keeffe (Cork South West, Fine Gael)
Link to this: Individually | In context

Question 65: To ask the Minister for Finance the capital value of the property portfolio of the Office of Public Works for the year 2009 with comparative figures for the previous three years [41568/10]

Martin Mansergh (Tipperary South, Fianna Fail)
Link to this: Individually | In context

The capital value of the property portfolio of the Office of Public Works is included in the Appropriation Account which is published on an annual basis. The valuation of the portfolio included in the 2009 Appropriation Account was €3.173 billion.

The comparative valuations included in the Account over the three years in question are as follows:

The increase in value relates solely to property acquisitions and the inclusion of completed building projects at construction cost. No increase has been applied to the valuation of property held in the period nor has a decrease been applied in light of the recent changing economic circumstances.

The initial estimate valuation of the properties held within the ownership of the Office was formulated using various benchmarking methods. These estimates of valuation were based on numerous elements including:

building cost norms

site valuations

use of buildings, e.g.,

1. prestigious buildings were given enhanced values

2. State-owned buildings were valued on an existing use basis

acquisition cost for purchases post 1995

replacement value

Properties under the State ownership of other Ministers, for example certain heritage properties and including national monument properties, are excluded from the valuation.