Newlands Farm: IRFU to pocket 44% of uplift in value of zoning
In series of articles that look at all sides of the story, The Echo examines the proposed plan to seek to rezone the green belt between Tallaght and Clondalkin.
HIBERNIA paid €49m to acquire the Newlands Farm site, of which €27m went to the previous site owner, the Irish Rugby Football Union (IRFU) – who are also set to pocket 44 per cent of any uplift in value that zoning of the site will generate, estimated at €12m.
The IRFU and the FAI had planned to build a stadium at the site in the early 2000s, before they chose to redevelop Lansdowne Road.
New all-weather pitches would be part of the plans for sport clubs
The IRFU had previously sought planning permission to demolish Katharine Tynan House but permission was refused after objections were lodged by the Tynan Society and the Kingswood Residents’ Association. The land was then sold to Hibernia in 2018.
At the time of the sale of the land, IRFU Chief Executive Philip Browne said: “The IRFU regards the delivery of a sustainable, long term additional income stream for investment in the domestic game, for the benefit of clubs and schools, as one of its key priorities.”
Mr Browne said that the IRFU had identified the sale of lands at Newlands “as imperative to delivering on this objective”.
He added: “It will now allow the Union the opportunity to progress investment options which will, in addition to securing a new realisable asset, produce an additional, long term income stream to support further development of the domestic grass roots game on this island, in the decades to come.
“It is also envisaged that a portion of the proceeds will be provided for new club and playing facilities development programmes.”
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