PRICES FOR CENTRALLY located land with “development potential” in Dublin continues to rise, according to the Valuation Commissioner. 

In a letter to the Oireachtas Public Accounts Committee, John O’Sullivan, defends the price tag for the 2.4 acre Harold’s Cross Greyhound Stadium in Dublin, stating that the site was compared to four other properties in the area. 

Education Minister Joe McHugh came in for some criticism last month when it was revealed €23 million was paid out for the site. There had been reports that an independent valuation put a price tag of just €12 million on the site.

The land has been rezoned to allow for the construction of schools there. The Irish Greyhound Board (IGB) cleared its debt after completion of the sale

At the time the minister stated the department bought the site based on an independent valuation from the Office of Valuations.

The correspondence outlines some key sites in the area and their value. The properties were used in a comparison exercise to reach a valuation of the stadium, O’Sullivan explains. 

Harold’s Cross Road, which is less than one kilometre from the stadium site, was on the market at that time with an asking price of €15 million.

Roslyn Park in Sandymount, Dublin 4 was sold in 2016 for €3.8 million, while the Marianella site in Rathgar, Dublin 6, which is in excess of 8 acres was sold in 2015 for a reported price in excess of €4.9 million.

The Valuation Office said it was also aware of the proposed sale of the RTE site at Montrose when it came to the valuation of the stadium. The Donnybrook Road site of over 8 acres had an asking price of €75 million – the property was subsequently sold for €107.5 million.

O’Sullivan also provided a list of sites that have since been sold since the Office valued the greyhound stadium at €23 million.

It lists such well-known Dublin sites as the Classic Cinema in Harold’s Cross, which has a price tag of €6 million, while a 1.25 acre site on Dunville Avenue is estimated at €6.9 million. 

In defending the valuation reported given to the Department of Education in April 2017, O’Sullivan said the greyhound stadium is centrally located, just over 2km from St Stephen’s Green. 

He said land value growth was recorded across all sectors in the Dublin region in 2016 and referencing the The Society of Chartered Surveyors, he said the Dublin region was projected to experience “double digit growth in development land values across all sectors”. 

The Office is tasked with providing accurate, up-to-date valuations of commercial and industrial properties. 

It is currently engaged in a national programme to revalue all commercial and industrial properties in Ireland