The Central Bank has failed in a bid to have lands at its Currency Centre campus at Sandyford be excluded from the State’s Residential Zoned Land Tax (RZLT).
This follows An Bord Pleanála dismissing the Central Bank’s appeal against Dun Laoghaire Rathdown Co Council's decision to have the lands subject to the land hoarding tax.
The Central Bank owns a 37-acre campus at Sandyford that has been the home of Ireland’s national mint since 1970.
The vast majority of the subject lands are greenfield in nature and are located to the west of the Central Bank's Currency Centre and to the north of the M50.
The Central Bank parcel of land at Sandyford is potentially worth more than €70 million.
In its submission to the appeals board, the Central Bank stated that the lands are required and integral to a public administration facility, which comprises the Central Bank's Currency Centre and, therefore, should benefit from the exclusion of the RZLT regime.
The Central Bank has also told the appeals board that the Currency Centre is a facility of strategic national importance and the lands are essential to the security of the existing facility and form part of the required security buffer.
The Central Bank further stated that although there are existing residential developments proximate to the site, this is not now considered best practice and the site’s security measures reflect this.
The Central Bank further contended that to provide housing on the subject lands with the existing facility in operation would require considerable changes and upgrades to the security regime, and as such the lands are not suitable for residential development.
The Central Bank also pointed out that access to the M50 slip road through the lands is an integral and essential part of the currency facility and its operations and existing emergency plans.
It states that due to security requirements of this access point it is not possible for such an access to be shared with another unconnected land use due to potential conflicts.
The Central Bank state that the site is in effect landlocked on three sides, and it would not be possible to provide any access for housing from Sandyford Road through the existing Currency Centre to the east given it is a high security facility of national importance.
The appeals board inspector in the case, John Duffy stated that the subject lands are physically divided by a wall running along the eastern site boundary of the site from the adjoining lands which accommodate the Currency Centre.
He said: “In my view it has not been adequately demonstrated that the subject lands are integral to the operation and security of the Currency Centre.”
Mr Duffy states that the appeal lands are subject to a Specific Local Objective (SLO 137) which aims to encourage and promote their use for social and affordable housing.
Mr Duffy concluded that there are no matters in the appeal that warrant exclusion of the lands from the RZLT.
The RZLT annual tax on undeveloped lands is calculated at 3pc of the market value of the lands within its scope.
