Issue link: https://maltatoday.uberflip.com/i/527016
maltatoday, SUNDAY, 14 JUNE 2015 8 News TIM DIACONO THE Nationalist Party yesterday reiterated that the decision to ex- propriate half a property in Old Mint Street in Valletta for €1.65 million from Mark Gaffarena was a "political" not administrative deci- sion. Shadow energy minister Mar- these Portelli pointed fingers at planning parliamentary secretary Michael Falzon, who has admitted to having signed the valuation of the 50% share in the building that houses the government offices of the Building Industry Consultative Council. "When Falzon first addressed the press the day after the scandal broke, he said that he wasn't in- volved at all," Portelli told a press conference outside Castille. "The same day, the Prime Minister said that no investigations into the expropriation were necessary as there was nothing criminal about making a profit. "The government keeps changing its tune whenever it has its back against the wall." In January this year, the govern- ment paid Gaffarena €822,500 for a quarter of the property that he had bought in December 2007. A PN insists Gaffarena expropriation The Gaffarena land valuations EU FUNDS SUPPORT OFFICER Applications are invited for the position of EU Funds Support Officer in the Ministry for European Affairs and Implementation of the Electoral Manifesto. Applications together with a detailed CV will be received at the Corporate Services Directorate, Ministry for European Affairs and Implementation of the Electoral Manifesto, Tal-Pilar, 31B, Marsamxett Road, Valletta, VLT 1850 or submitted through the Online Government Recruitment Portal on http://recruitment.gov.mt by not later than noon of Friday 19 June 2015. Further details may be obtained from the Government Gazette of 29 May 2015. Application forms may be downloaded from: https://opm.gov.mt/en/PAHRO/RESOURCING/Pages/Forms%20and%20Templates/Forms-and- Templates.aspx Some of the positions being advertised through this call for applications may be considered for co-financing by European Union Funds Jason Azzopardi Bahar ic-Caghaq, two parcels of land 36 Old Mint Street Valletta • BICC offices Date of valuation 11 August 2014 Total area 445 square metres Valued €3.29 million 25% Freehold value €822,500 Property characteristics Offices in heart of Valletta, located in good location of Valetta, healthy demand for quality office space, assumed not under title of emphyteusis or title of lease. Property is schedule and inside urban conservation area Valuation 1. Comparative freehold prices for recently refurbished offices in Melita Street and Strait Street average at €5,000 per square metre for prime office space and €4,000 per square metre for ancillary space. 456 sq.m at €5,000 = €2,280,000 233 sq.m at €4,000 = €932,000 Total freehold value = €3,212,000 2. Profits method: Comparative rental values for prime office space in Valletta at €200 per square metre, per annum, and at €150 per square metre for ancillary space. 456 sq.m at €200 = €91,200 233 sq.m at €150 = €34,950 Full rental value = €126,150 per annum profit rent As this is considered to be a relatively risk-free investment, the years property value (YP) is taken at 3.5% plus 0.25% loading for provision for administration and extraordinary repairs and so on: YP at 3.75% = 26.67 Freehold value = €126,150 x 26.27 = €3,364,420 Based on methodologies 1 and 2, the estimated freehold value is: €3,288,210.25, say €3,290,000 Shop in Sliema, Manwel Dimech Street Date of valuation 30 October 2014 Total area 54 square metres Value €65,000 Property characteristics Location is in relatively obscure area of Manwel Dimech Street, with development mainly consisting of 'local shops or language institutes', with many shops closed down. Also considered were property dimensions, bad state of repair, parking problems, and unofficial information on similar, privately-owned property and similar sales following public call for tenders. Valuation Since property be granted on temporary emphyteusis, resulting value of direct dominium and full ownership, as per ministerial direction MFEI 007/09 issued by finance minister, is €58,960. Also considered is that the site was granted on temporary emphyteusis with ground rent of 25 cents per annum, expiring on 30 June 2016. Date of valuation 21 December 2014 Total area 3,735 square metres Value €260,000 Date of valuation 16 February 2015 Total area 1,663 square metres Valued €70,000 Taking into account the characteristics and locality of the site, the structure thereon constructed, land use zoning in the Central Malta Local Plan and other contributory factors from assessments carried out, the value of the land and building on a freehold is €70,000, and rental value is €2,200 per annum to be reviewed upwards every five years in accordance with cost of living index; and €260,000, or €7,900 rental value per annum to be reviewed upwards every five years in accordance with cost of living index. Date of valuation 28 September 2014 Total area 5,992 sq. metres Value €165,800 Property characteristics Agricultural land with two rooms totalling 425 square metres, outside development zones and lying on an aquifer protection area, with title of emphyteusis or lease not assumed. Valuation 1. Comparative freehold prices for agricultural land average at €19 per square metre. 5,992 sq.m at €19 = €113,848 2. DRC method for buildings Footprint area of 425 square metres at DRC costs of €123 per square metre Construction costs = €52,275 Estimated freehold value of €165,800 Land and structures at is-Salvatur, Mqabba