As Carlow County Council meets tomorrow to consider the rezoning of the closed Carlow sugar factory, the Irish Farmers' Association has produced an independent valuation to show the property is currently worth €120 million.
A valuation it sought from property experts Finnegan Menton said that if the Athy Road plant and 200 acres around it are rezoned, the property would be worth €150 million.
The IFA, which represents the sugar beet growers, is seeking the lion's share of the €145 million EU compensation which has become available on foot of the closing down of the sugar industry.
IFA claims that Greencore, which controls the Irish Sugar company, has taken enough out of the country and is not entitled to any of the compensation for exiting sugar production here.
It also asked Finnegan Menton to value all the other Irish Sugar properties and it estimated that the Mallow plant, which closed some month ago, was worth €30 million.
The company also valued the Irish Sugar/Green Vale food plant at Ballycarrane, Thurles, Co Tipperary, at €5.5 million and the former Irish Sugar depot at Wellington Bridge, Co Wexford, at €1.5 million.
The valuers said that on the assumption that the 200 acres of the Carlow property were rezoned with 20 acres for high density residential, 80 acres for mixed use retail, offices and residential uses and 100 acres for industrial or low-residential use, the property would be worth €150 million.
It said that on the basis of current zoning - assuming a sale of the property prior to county council response to submission made for rezoning/local area action plan, reflecting the hope value and expectation that it will be rezoned - the property should be worth €120 million.
The council is being lobbied interest groups not to rezone the factory but to allow it be used for the manufacture of bio-fuels. Green Party deputy leader Mary White has been leading a campaign to have the plant re-opened, claiming little work would need to be done to have an ethanol plant established there.