A senior executive with Hamilton Osbourne King, John Morley, has been explaining to an arbitration hearing why the mysterious firm, Jackson Way Properties, should be paid more than €47 million by Dun Laoghaire-Rathdown Council.
The English shelf company, whose beneficial owners are unknown, is being investigated by the Flood Tribunal over allegations about payments to politicians and is also under the scrutiny of the Criminal Assets Bureau.
Mr Morley said 106 acres at Carrickmines in south Dublin, part of which was bought by compulsory purchase by the Council for the M50 motorway, were in a high-value location which was both central and prestigious.
He told the arbitration hearing at the Council offices in Dun Laoghaire that the lands were also close to the old Harcourt St line, the main road system and the nearby promised LUAS line, which was of immense benefit.
Mr Morley said the more than 20 acres used for the construction of the M50 motorway would have been worth more than £9 million.
He argued that the road bisected the Jackson Way lands precluding them from development, 68 acres to south west would have been worth more than £22 million while lands to the north east would be worth £1.5 million.
Further costs in the over-all compensation claim included £1.5 million for noise mitigation and a further £3 million for reinvestment. The overall claim, when converted to euro, was €47 and a quarter million.
Mr Morley is due to be cross examined by the Council's legal team tomorrow morning. It is expected that he will be asked to explain why Jackson Way originally put in a claim for more than $114 million but then cut it suddenly by 60%.
The Council argues that the current claim for more than £47 million is excessive. The hearing is expected to continue for at least another week after which the arbitrator, John Shackleton, will consider his binding recommendation.
