A CONFIDENTIAL deal between developer Liam Carroll and a south Dublin local authority will see it receive land and buildings valued at €60 million in settlement of a dispute over a joint venture project.
The proposed deal with Dún Laoghaire/Rathdown County Council was presented to councillors yesterday. The council had instituted legal proceedings in July this year to protect its interests in the Cherrywood Science and Technology Park following the collapse of Mr Carroll’s Zoe Group.
Mr Carroll owned Dunloe Ewart, the company that had gone into the joint venture project with the council in 1997. The 64-acre site, off the N11 in south Dublin, was partially owned by the council and it also invested €57 million.
The High Court set up a mediation group between the two parties following the legal action.
County manager Owen Keegan told councillors yesterday that 20 acres of development land and four acres of open space would be transferred to the sole ownership of the council as part of the deal.
It is understood two of the 10 buildings at the park are included in the settlement and the new Luas Line B1, due to be operational next autumn, will pass through the section of land to be ceded to the council.
The remainder of the site will be transferred to Cherrywood Science and Technology Park and the associated group of companies currently involved in the site under the umbrella of Dunloe Ewart.
The council intends to set up a new property company, Dún Laoghaire Rathdown Properties, to handle its share of the site.
The deal involves the disposal of some council property and councillors will be asked to vote on the disposal at a meeting next week.
Should they reject the proposal the deal will not go ahead. It is understood, however, the majority of councillors have welcomed the settlement.
