Dáil Éireann debate -
Wednesday, 10 Nov 1999

Vol. 510 No. 4

Written Answers. - State Properties.

Michael D. Higgins

Question:

38 Mr. M. Higgins asked the Minister for Finance his views on whether the decision of the Office of Public Works to pay £23.5 million for Lansdowne House, Dublin, represents good value having regard to the fact that this building changed hands for £9 million three years ago; if any independent valuation of the building was sought; and if he will make a statement on the matter. [22702/99]

Minister of State at the Department of Finance (Mr. Cullen)

I am satisfied that the purchase of Lansdowne House by the Commissioners of Public Works for £23.5 million represents extremely good value to the State. This fact has been acknowledged by several independent property commentators who are aware of the exceptional appreciation in the capital value of office property in this area in recent years.

The Commissioners of Public Works were advised by an independent professional valuer in negotiating the acquisition.