Dublin Airport land bidders seek runway access

Possible bidders for land earmarked by brothers Ulick and Des McEvaddy for a third terminal at Dublin Airport want access to its runways, it is understood.

Kenny Jacobs, DAA chief executive, recently told the McEvaddys that the State airports’ company’s €75 million bid for the plot, put on the market in May, remains on the table.

DAA is the only known bidder for the land between the airport’s two runways, but the vendors maintain that other parties have also expressed interest in buying the site, including several investment funds.

However, it is understood that a deal could be conditional on the new owners getting direct access to the runways, something the site does not have as it is not part of the airport complex.

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The owners would not comment, but people close to the sale say that they are in talks with several parties.

“There are ongoing discussions, part of those relate to runway access and other matters,” said one.

The McEvaddys and co-owners Seán Fox and Brendan and Orla O’Donoghue, put the land up for sale in May, taking the property market by surprise.

The brothers had proposed building a third airport terminal there, one that would possibly be run by someone other than the DAA, and had architects draw up plans for the project.

There was speculation that the site was worth more than €210 million, DAA offered a reported €75 million, a sum that Ulick McEvaddy dismissed as “derisory”.

While the airport company never confirmed the amount, it confirmed that it had the land independently valued before making its offer.

Shortly after the land went on the market, Mr Jacobs told an Oireachtas committee that DAA was interested in buying it, but not at “crazy prices”.

DAA’s expansion plans do not include a third terminal and Mr Jacobs has argued that the McEvaddy site is not suitable for this purpose in any case.

The company maintains that the plot is likely to remain undeveloped for years to come.

Mr Jacobs’ letter to Ulick McEvaddy indicates that there has been contact between DAA and the sellers.

The DAA chief adds that he would be more than happy to meet Mr McEvaddy to discuss the offer.

DA Terminal 3 Ltd, the McEvaddy-controlled company that holds their share of the land, owes €39.66 million to Bain Capital, which falls due at the end of this year.

The brothers maintain that this is a standard financing mechanism relating to the land. They would not comment on whether the company would refinance or repay the debt.