Quarryvale land rose €60million in value after rezoning process

Cork property developer Owen O'Callaghan admitted to the Mahon Tribunal that land at Quarryvale increased in value by the equivalent of around €60m when rezoned.

Mr. O'Callaghan went on to deny that notes he made on financial records suggested he had paid councillors in exchange for voting in favour of rezoning.

The developer was shown a valuation report by Hamilton Osbourne King from 1992. The report estimated the 118 hectares or 180 acres of land at Quarryvale in west Dublin to be worth £19m but if rezoned for a town centre this would rise to £31m.

Patricia Dillon SC for the tribunal said this uplift would be equivalent to around €60m in today's terms which is likely to be a conservative estimate.

Mr. O'Callaghan said this valuation was based on 500,000 sq ft of retail space, which was not achieved for a number of years after that.

Mr. O'Callaghan denied that notes he made concerning records of payments to Frank Dunlop meant that money was paid in exchange for rezoning votes.

Beside the payments totaling £80,000 to Mr Dunlop in 1991, Mr O'Callaghan had written 'May 16th' - the date of the rezoning vote - and 'for election', a reference to the local elections in June.

Mr O'Callaghan stated that this was a silly note to ease his mind in regard to the high level of fees charged by reminding himself that Mr Dunlop would be facing requests for donations by councillors who had supported Quarryvale.

Source:


"Quarryvale land rose €60m after rezoning"

http://www.rte.ie/news/2008/0723/mahon.html