Top developers earned fortune on school sites [Independent.ie]
- Published: 17 September 2009
PROPERTY developers cleaned up on school sites during the boom years, new figures reveal.
They show that the State paid almost €40m to buy just eight primary school sites in the Fingal area of Co Dublin -- with most of the money going to developers. One company called King of the Castle, which is run by property tycoon Joe Moran of Manor Park Homebuilders, was paid €5m in 2007. Menolly Homes was paid €2.1m for three acres in 2001 while its director Seamus Ross was paid €800,000 for 0.8 of an acre five years later.
Another company, Ballyboden Farms Ltd, run by Michael Cotter of Park Developments, was paid €2.86m for 2.43 acres but that was before property prices went through the roof. Details released under the Freedom of Information Act (FOI) show it took three years to complete the deal in 2004 with Ballyboden Farms Ltd.
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