331 Mr. J. O’Keeffe asked the Minister for Finance the reason the Office of Public Works purchased a property (details supplied); when the purchase was completed; the price that was paid; the plans for the property; and if he will make a statement on the matter. [10448/07]

The property was purchased to maximise the development potential of the Mountjoy Prison site. Its inclusion was considered fundamental to the most efficient access arrangement of the overall development. It also, of course, creates a marriage value by combining the property with the larger Mountjoy site and increases the proposed development area.

The purchase of the property was completed on 21 December 2006; the purchase price was €23,500,000 plus VAT. It is planned to reinvent the existing Mountjoy site as a new and vibrant place to live and work through the creation of a new "village" for Dublin, which will allow families to live in the centre of the city in a sustainable way. This ties in with and will compliment Dublin City Council's Framework Plan for this area of the city.