RTÉ foots €3m bill as part of sale of land at Montrose HQ

MORE than €3million is being spent by RTÉ on security, site works and other costs linked to the sale of nine acres of land on the broadcaster’s Montrose campus in Dublin.

Last year, the national broadcaster sold 8.64 acres of land to Cairn Homes for €107.5million which was more than €30million above the guide price. Up to 500 houses and apartments are planned to be built on the land. The sets of Fair City and other shows were moved due to of the sale.

Commenting on the €3.1million spend, an RTÉ spokesperson said: ‘A series of sales-enabling and relocation projects were required to be carried out both pre-sale and subsequent to the sale... €3.1million will be incurred this year.

‘Sales-enabling includes extensive site works, external and internal road-works, new entrances, walkways, traffic flows, security, parking and general site works, and fittings.’

RTÉ will have to pay a tax bill of more than €20million on the sale of its land, while some €10million of the proceeds has been used to pay down part of its debt, according to senior management.

The Project Montrose site represents just over a quarter of RTÉ’s existing 32.12-acre campus.

In its annual report for last year, published last May, RTÉ’s revenues were at the same level as 2016 and were helped by reduced operating costs.

The national broadcaster returned a lower operating deficit, of €6.4million in 2017 compared to one of €19.4million in 2016.

RTÉ has been carrying out broad restructuring for the past several years, which has already seen the shedding of almost 300 jobs through voluntary exit and early retirement schemes.