Just a minor correction: it was never sold. In fact looking at the most recent figures you could say that the Local Authority paid 3 Million for the developer to take it off them. They gave the site + 3M for notional discounts which will most likely have to be written off to zero value over time.It was then sold off and again not a peep was heard.
House prices in Ongar were already dropping by 2007, and affordable housing buyers complained that some of the Broc House exchange discounted units were too highly priced. The developer reduced the price, then the AHP paid it an extra €3m to make up the difference -- our taxes compensating the developer for the market risks that arguably should have been all its own.
Just a minor correction: it was never sold. In fact looking at the most recent figures you could say that the Local Authority paid 3 Million for the developer to take it off them. They gave the site + 3M for notional discounts which will most likely have to be written off to zero value over time.
THE State will have to pay out more than €32m in damages over its failure to honour an agreement to give Harcourt Terrace garda station in Dublin to a development firm.
Durkan New Homes (DNH) claimed it built 215 affordable houses for first-time buyers during the economic boom in return for getting possession of the garda station along with the adjoining film censor's office.
......
The company sued the Minister for Environment, Heritage and Local Government over the failure of the swap to go ahead after the gardai failed to move, and sought €40m as a result.
DNH said it completed its side of the deal by building 215 affordable homes at a number of sites in Dublin, and selling them at a 30pc discount of their market values, equating to around €35.4m.
Affordable Housing, the scheme that keeps on giving - to Developers.
http://www.independent.ie/national-news/courts/state-to-pay-32m-over-failed-site-deal-3160348.html
As per the details discussed earlier in this thread the state didn't get 215 houses for 35.4M, it got a notional 30% discount. This would equate to an average price of 548,837 euros per unit. These would have been mostly 2/3 apartments, duplex and terraces.
you got to love it....developers have played a major part in bankrupting this country, they're hiding assets and playing hard to catch with NAMA, they owe 10's of billions etc etc
and this state has actually somehow managed to lose a case to 1 of them ( i thought they were all bust) and the taxpayer is caught for millions
how in the name of all that is holy did this happen....and who's going to lose their jobs/pensions over it