New Education Minister defends spend on greyhound stadium
Education Minister Joe McHugh has defended the decision to pay almost twice the market value for a former greyhound stadium.
The Department of Education bought the site at Harold’s Cross, Dublin, for €23m from the Irish Greyhound Board last year, with the intention of providing permanent accommodation to Shellybanks Educate Together school and South City Educate Together secondary school on the land.
Taking questions in the Dáil for the first time as minister, Mr McHugh admitted the amount paid, which breaks down to €3.8m an acre, was “big money” but reflected prices in the area.
Mr McHugh said the “first question” he asked after being briefed on the matter was whether there were any property value comparisons in the area, “because I wanted to get my head around it”.
Subsequent to the valuation report, I understand that a 3.43-acre site on Harold’s Cross Rd, about 1km from the site, achieved a price in excess of €15m, or more than €4.367m an acre, in mid-2017. That is only one example which provides a context.
Fianna Fáil education spokesman Thomas Byrne questioned the rationale of paying such a price.
“The vendor, the Irish Greyhound Board, had the site valued by the reputable estate agent, Savills, at only €12m if used for housing and only €6m if the land was rezoned for recreation,” said Mr Byrne.
“I accept the valuation the minister received is from the Valuation Office and nobody can blame him for what happened in recent years, but does it concern him that it appears that the valuation of €23m was almost twice the valuation of the site received by the Irish Greyhound Board?
It appears as if all its Christmases had come at once when this valuation was proposed. Has the minister asked for a review or an explanation from the Valuation Office?
Mr McHugh said the decision to buy the land was based on a review of area demographics, which “demonstrated a substantial projected growth in enrolment, known limited land availability, and the impending sale”.
He said: “From a school provision perspective, this site is well located to serve south Dublin City.”
He said in the interests of transparency, he had ordered this valuation provided to the Government would be published on the department website.
