Beautiful day for U2 as band buys back studio site for a song
U2 are to buy back the site where they recorded some of their most famous albums in a deal worth just €450,000.
In 2002, the Dublin Docklands Development Authority bought their old waterfront studio at 16 Hanover Quay from the band for an undisclosed fee. The move was to pave the way for numbers 16 and 18 Hanover Quay to be knocked down and replaced with a public space.
In return, U2 were promised the top two floors of a nearby building that became known as the 'U2 Tower' but which has not been built.
The DDDA said yesterday that it had sold the building back to U2 for €450,000. It's statement added that it will "no longer be pursuing a previous policy to remove… number 16 and 18 Hanover Quay".
"Consequently it will not be proceeding with a proposed compulsory purchase order over number 18 Hanover Quay and neither will it be seeking to remove number 16 Hanover Quay."
When An Bord Pleanala approved the development plan for the area earlier this year, it said: "The U2 studios at Hanover Quay were part of the cultural heritage of the area and should be celebrated with new innovative tourism offering."
A spokesman for U2 declined to comment on the deal but industry sources made clear their commitment to Dublin would continue.
The studio has been a key refuge for the band over the past two decades. They recorded the bulk of their last four albums there and the building has plenty of natural light with views onto Grand Canal dock. The studio adjoins the substantial warehouse building home of developer Harry Crosbie.