

Today’s Irish Examiner, reports that Michael Lowry co-owns an undeclared 25-acre piece of land outside Wigan, which could be worth up to €10 million if a planned rezoning goes ahead, as expected, next year.
Since 2003, the site has been registered in the names of Mr Lowry and his business partner Liam Carroll.
But the Examiner claims the property has not appeared on Mr Lowry’s register of members interests in the Dail.
It also reported on the site’s significance in relation to the Moriarty Tribunal and Denis O’Brien. The tribunal found that money given to property agent Kevin Phelan to find the site “was instead part of a larger settlement reached between O’Brien and Mr Lowry, on one side, and Mr Phelan on the other”.
Michael Lowry went on Tipp FM this morning to give his side of the story with broadcaster Seamus Martin. It followed an interview with Conor Ryan of the Irish Examiner, the author of today’s story.
Seamus Martin: Michael Lowry, good morning.
Michael Lowry: “Good morning, Seamus.”
Martin: “So, this land, how did you come by part-ownership of this land?”
Lowry: “Well, Seamus, it would be a great story if it was accurate. First of all, as your contributor (Conor Ryan) there has said, Liam Carroll and I had a company, called Vineacre, in the UK. And that company had the option on a number of parcels of land in that area. We retained those options for a number of years and then decided that the options, when they came up for renewal, that it was too expensive to renew them and the risk factor involved in renewing those options would be too great. So that’s the reason the company was dissolved, because the principle element of trading within that company was the options to that land.”
Martin: “Was the idea, in acquiring those options, was the idea that there would be a rezoning?”
Lowry: “No. Well, there was…At that stage, it was generally perceived that there was a need for a development in that area. (coughs) Excuse me. But rezoning hadn’t been discussed at that particular stage. So what happened is, we allowed Vineacre to be dissolved and while we had Vineacre in our possession, I always recorded Vineacre on my register of interests in the Dail…”
Martin: “As you said, yeah.”
Lowry: “Yeah. So. Yeah. So then in 2003, we dissolved Vineacre and all that was left then was this 18 acres I think it is approximately of land, around that area, which we separately purchased.”
Martin: “He (Mr Ryan) says 25?”
Lowry: “No, well it’s not 25. Seamus, I haven’t got the exact details with me but Seamus it’s definitely not 25. But we’re not going to dispute whatever it is. I think it’s 18, maximum 20. So we have that piece of land. Now the important thing to remember Seamus here is, this article has a tendancy to speculate and certainly is exaggerating because the reality is that that piece of land has sat still there for the last 11 years, we’ve had no rental income from it because it’s barren land and, to use his own phrase, it’s been reclaimed by nature.”
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