The manner in which the controversial shelf company Jackson Way Properties Ltd calculated its claim for over €47 million in compensation from Dún Laoghaire-Rathdown County Council, following the acquisition of some of its lands for a motorway, was revealed yesterday.
More than two-thirds of the claim is for "injurious affection" to Jackson Way lands which remain following the acquisition by compulsory purchase order (CPO) of 20 acres of its holding for the completion of the South Eastern Motorway.
The lands, at Carrickmines in south Dublin, will be split in two by the motorway. Most of the holding will be on the south-western side of the motorway and is zoned for agricultural use. A small portion of the holding to the north-east of the motorway - an estimated 18 acres - is zoned for industrial use.
A director of Hamilton Osbourne King, Mr John Morley, told an arbitration hearing in Dún Laoghaire yesterday that the lands, which totalled 106 acres by county council measurement and 109 by Jackson Way measurement, were close to a proposed Luas line in a prestigious area. There was an insatiable demand for housing in the area, which had views over Dublin Bay, Killiney Bay and Hill. "In June 2000 the market was at its peak," he said, adding that developers were prepared to take enormous risks to secure lands, even lands without planning permission which were not serviced.
The land lost to Jackson Way through the CPO was worth just over £9 million, he said.
Mr Morley said the motorway would mean any development on the remaining lands would have to be set back at least 30 metres from the motorway. This would result in several acres being "sterilised" for development purposes. He put the damages Jackson Way should be entitled to in this regard at £23.6 million.
In addition to this loss, noise barriers would have to be erected. He estimated this would cost £1.5 million. He added the company would have to buy lands to replace those taken through the CPO. They would incur stamp duty and professional fees, which he believed would come to £3 million.
The total claim, therefore, amounted to £37.1 million, equivalent to €47 million.
The hearing, which continues today, has not yet heard why Jackson Way originally sought compensation of €116 million.