Teagasc covers shortfall by selling properties

Money raised from the sale of Teagasc properties is now running ahead of the shortfall the agriculture and food development authority…

Money raised from the sale of Teagasc properties is now running ahead of the shortfall the agriculture and food development authority faces this year.

In all, €17.89 million has been raised from the sale of the headquarters in Sandymount, Dublin, and premises and lands at Clonroche, Co Wexford, Lullymore, Co Kildare and Corduff, Co Dublin.

However, it it is not known if the body will be able to use the money to wipe out its €15 million deficit which precipitated the need for the sale of the various properties.

The Teagasc headquarters was sold for €15.2 million to a Dublin development company which plans to develop 87 residential units there.

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The sale is due to be completed by October and the building will be leased back to Teagasc for six months to allow time for staff there to relocate.

The Clonroche, Co Wexford, soft fruit research station was sold for €1.22 million last week and as with the other properties, it raised more money than was anticipated.

The Lullymore, Co Kildare, peat research centre with its interpretative centre, was sold last week for €275,000 to the Irish Peatland Conservation Council which is planning to move its head office there.

An additional €565,000 was raised from the sale of a dwelling and 10 acres which forms part of the complex at Lullymore.

Teagasc also raised €620,000 from the sale of its advisory centre at Corduff, Lusk, Co Dublin.

Being advertised for sale next week, is the Ballinamore, Co Leitrim, research centre which has a reserve price of €500,000.