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Taxpayer Cash Could Prop-Up De...

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Taxpayer Cash Could Prop-Up Developer's Profits

98FM
98FM

07:25 17 Sep 2019


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Dublin City Council is said to be considering using taxpayer funds to further boost the profits of the developer of the O'Devaney Gardens site.

Bartra Capital has been chosen as the preferred bidder to develop 769 homes at the location.

The proposals include 411 privately owned homes, 192 social units and 165 affordable units.

Last week it was revealed that the developer could make up to €67million profit on the back of the public land.

That would be the case if all the properties were sold at their highest estimated value.

According to today's Herald the council said "at the moment" there are no plans to pay Bartra any more for the affordable homes to make up the difference between the ‘affordable’ price and the perceived market value at the time of sale.

The project has come under criticism because of the high estimated value of the homes.

At the top end of the "affordable" scale, a three-bedroomed house at the site is currently valued at €420,000.

That means a household would have to earn at least €108,000 a year and have savings of €42,000 to buy it.

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