The Office of Public Works has confirmed that a €11.25m purchase of lands at Castletown House in County Kildare was €4m over the market valuation.
This price exceeded a market valuation of between €7.25m and €7.5m from estate agents Lisney. The OPW revealed it sometimes bids above market value for strategic assets with heritage importance.
Records show the OPW failed to buy the same 235-acre site for €5.75m four years ago.
A developer, Lar McKenna from Straffan, then purchased the land which caused operational issues and local protests over access. The Department of Public Expenditure sanctioned new negotiations to secure a competitive price.
An OPW official wrote that the final €11.25 million offer reflected their ‘Special Purchaser’ status. OPW chairman John Conlon received authorisation to conclude the deal last autumn. The acquisition unites the historic estate under State ownership.
The OPW shared, “While I appreciate that this figure is in excess of our request for sanction to enter into negotiations, the Special Purchaser status of the OPW cannot be ignored.”
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