The prospect of a large tract of land in south Dublin being rezoned for residential use in the future has not been ruled out by an expert witness for a company claiming €47 million compensation on grounds that a motorway being built through the land will prevent it being rezoned.
Mr John Morley, a director of Hamilton Osbourne King, told a compensation hearing in Dublin yesterday that while the South Eastern Motorway would reduce the prospect of the lands owned by Jackson Way Properties Ltd being rezoned, he could not say rezoning would never happen.
On a scale of one to 10, he said he believed the prospect of the land being zoned residential would be close to zero. But, he added, "one can never say never". His evidence came on the eighth day of the hearing by an independent arbitrator of a claim by Jackson Way for compensation from Dún Laoghaire-Rathdown County Council following the compulsory acquisition of some of its lands for the completion of the motorway.
An English-based shelf company, Jackson Way is under investigation by both the Flood tribunal and the Criminal Assets Bureau. Mr Morley said he had, for the purpose of costing the loss suffered by Jackson Way, assumed their lands at Carrickmines - which run to over 100 acres - were zoned for residential use. They are however zoned mainly for agricultural use, with a small portion zoned industrial. He said the motorway had "destroyed" the market value of the lands. They had been substantially devalued and had been set apart by the motorway from other lands zoned residential in Foxrock and Carrickmines.
Mr Dermot Flanagan SC, for the council, put it to him that if Jackson Way got compensation for the effect the motorway had on its lands, it could still keep the lands and have them rezoned in the future for residential use. Mr Morley insisted their rezoning prospects had been put back and might never happen.
Mr Flanagan also suggested to Mr Morley that the compensation Jackson Way was claiming was more than its total loss. Mr Morley, who valued the claim, disagreed.
He said even if houses were ever built on the land, they would have a much lower selling price because instead of sea views they would look onto a motorway.
Mr Flanagan suggested the motorway would be a catalyst for development of the land.
Mr Morley said he believed the opposite. Mr Morley agreed however his firm had, in promotional brochures, highlighted the fact that other lands for sale were close to this motorway. Mr Flanagan suggested this meant the motorway was of benefit.
Mr Morley said it would be of benefit for industrial zoned land but proximity to public transport was more important for residentially zoned land on the market.