Re: Re: Smithfield Market Development

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I think we all agree that Smithfield is a better place now. But using a sledgehammer to break down a door is not the only way to go.
Smithfield was already unrecognisable before the Smithfield Market scheme got underway.
Just as a for instance. At the new scheme … “Underground parking spaces are available to purchase for €40,000. Maintenance fees are expected to be in the region of €1,500 for one-bed apartments, €1,700 for two-beds and €2,000 for three-beds.”
Why on earth give tax relief to a developer who knows they can get E40k for a car parking space.
The site was so lucrative by the end of the urban renewal project that the Section 23 benefits were tantamount to a free government giveaway.
I’d say the developers will come out with more cash than Charlie Duffy at the end of this. He was served with a tax bill for nearly E20 million by the Criminal Assets Bureau in part because of this deal.
Part of the reason he was so slow to sell all those years is that he knew it would have given him an obvious asset that the Revenue could target for years of failing to make tax returns.

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