From top: IGB logo; the site of the former greyhound stadium in Harold’s Cross, Dublin 6; a valuation of the site by the Valuation Office and one taken by Savills
This morning.
In The Times Ireland edition.
Seán McCárthaigh reported that the €23 million the Government paid to buy the former greyhound stadium in Harold’s Cross, Dublin was “almost twice the value placed on it by consultants acting for its owners”.
In documents obtained by Mr McCárthaigh, under the Freedom of Information Act, he has found that…
On Monday, March 20, 2017…
Savills carried out a valuation of the site for the Irish Greyhound Board – which owned the site – and valued it at €10million to €12million.
Subsequent to Savills’ valuation, but also in March 2017, the Irish Greyhound Board’s directors “expressed ‘disappointment’ at Savills’ valuation at a board meeting”.
Then, on Friday, April 10, 2017…
The Valuation Office inspected the site of the former greyhound stadium on Harold’s Cross Road, Dublin 6 – at the request of the Department of Education – and they valued it at €23million.
The sale of the site to the Department of Education for €23million was agreed in May 2017.
Mr McCárthaigh reports:
“The Department of Education bought the land at Harold’s Cross last year from the Irish Greyhound Board (IGB) to build much-needed schools in an area of Dublin with a growing young population.
“The department agreed to pay €23 million, but records obtained by a freedom of information request show that Savills, the estate agents working for the greyhound board, had valued the land at €12 million if it was going to be used for housing and €6 million without any change to its zoning status as land for recreational amenities.
“Land used for schools would generally cost the same or less than land used for housing.
At the time IGB, otherwise known as Bord na gCon, had debts of more than €21 million and the money provided by the department exceeded this amount.”
Good times.
Government ‘paid double for Harold’s Cross race track’ (Seán McCárthaigh, The Times Ireland edition)
A nod and a wink and someone now has 11 mill in their back pocket
Everything seems to be some sort of fiddle in “official Ireland”.
Happily the €23m sale price allowed the IGB clear its long term debt of €22m. See page 51 of the 2017 Annual Report for details
https://www.igb.ie/globalassets/report-pdfs/annual-reports/bord-na-gcon-annual-report-2017.pdf
It’s worth noting also that the Minister for Agriculture appoints some directors to the board; each of whom is in receipt of a healthy stipend for toiling in the public’s interest. One of whom, the Chairman, Phil Meaney, is no stranger to FG or to Phil Hogan for whom he served as an Election Organiser.
https://www.irishtimes.com/news/politics/ross-accuses-fg-of-political-appointment-to-greyhound-board-1.2445221
More depressing reading here
https://www.irishexaminer.com/ireland/right-people-for-the-job-238953.html
Even by the woeful standards of our public bodies these lads are something special.
http://www.audgen.gov.ie/viewdoc.asp?DocID=2013
Valuation links are mixed up. Savills leads to the VO one and the VO link leads to savilles one.
Apologies Rotide. That’s fixed now. Thank you.
well. at least the cruel greyhound industry isn’t in operation in the area anymore. the people that ran the place make out like bandits though, which sucks, ah , what can you do? The right public servants got schmoozed over the years,. I can only imagine, some counselors getting the vip box, velvet rope treatment for all there kids confirmations and daughters college graduations,. all the glam and stupid hats. backhanders left and right. It s the gambling industry after all.
(It closed almost 2 years ago, but you know that being so familiar with the area right!)
“…isn’t in operation in the area anymore” ..where do I seem to thinks its just recently closed?
Ah ok you were just stating the bleeding obvious again…
That its a cruel sport, run by gruesome thugs, isn’t obvious to a lot of people.
postman you forget to say you hate all dog owners ;)
Fupp me….
What really confuses me is that with FOI they pretty much KNOW this will come out…yet they just don’t care.
Nothing ever happens
Dobbo gets the contract.
Ex ministers get on the board
The train keeps calling at all stations to let people on to feed at the trough
Wow, so the taxpayer just covertly bailed out the greyhound industry. Nice one.
Not the first time either
actually the Savills value as is without securing pp-was 5-6 mil-bottom pg 5.
The VO used one comp a property listed for sale (not a transaction),of 3.43 acres so half the size of this track, cleared with planning permission for housing and apartments-4.3 million per acre is the ask.
They applied a value of 3.8 mio per acre to the track,while noting the restrictive zoning !
The VO will have a tough job justifying this valuation …..
Not the first time the greyhound board has been involved in controversy. I don’t understand how these people are given any taxpayers money whatsoever.
Are we taxpayers going to get any explanation?
This is like taking money from your left trouser pocket and putting it in your right trouser pocket.
The good news is that the community will get something useful out of the land, and the greyhound owners have one less spot to practice their nasty sport.