Government sells Army barracks for €65 million
The Minister for Defence, Mr Micheal Smith, announced today that he has accepted offers for the sale of two Irish Army barracks for €65 million.
Clancy Barracks in Dublin is to be sold to Florence Properties, Jersey and a Cork company, O’Flynn Construction, will purchase Murphy Barracks in Ballincollig, Co Limerick.
The proceeds of the sale are to be reinvested in buying new equipment and accommodation requirements for the Defence Forces.
Mr Smith said that he was delighted with the outcome of the sales indicating that the funds would significantly contribute to the updating and modernising military equipment.
"Back in 1997 when I was appointed Minister I took the difficult decision to dispose of six occupied barracks so that the funds could be raised to modernise army equipment" he said.
Mr Smith added he has hammered out an agreement with the Minister for Finance, Mr McCreevy, which will allow 100 per cent of the funds from the sales to be used for modernising the Army.
Magee Barracks in Kildare will be sold later this year, bringing to six the number of barracks sold by the Minister.