Marlet 'Dublin Living' deal on track despite title issue
The proposed disposal by developer Pat Crean's Marlet Property Group of a portfolio of 1,205 apartments at various stages of development in Dublin is expected to proceed shortly, notwithstanding an issue relating to the title of one of the sites forming part of the deal.
The expected sale of the 'Dublin Living' portfolio to London-based Round Hill Capital for a sum in the region of €450m will allow for the forward funding of apartments across four sites at St Clare's and Mount Argus in Harold's Cross, Carriglea on the Naas road and on the former CIE lands at Carlough Road in Cabra.
The title issue has arisen for the Marlet Property Group at the St Clare's site, and relates to a small strip of land which, according to records held at the Land Registry, forms parts of the adjacent Parkview Mansions apartment development. This is despite the fact that it has been bounded by a wall within the grounds of the former St Clare's convent for several decades.
The Irish Independent understands that Mr Crean was in contact with representatives of the Parkview Mansions management company as recently as yesterday afternoon, in an effort to resolve what he describes as a "mapping error".
While Parkview's residents last week refused an offer from the Marlet ceo of €20,000, which he had proposed "as consideration" for the Deed of Transfer for the piece of land, a source familiar with the matter said that refusal should not be seen as an indication that they were opposed to the agreement of a deal. The same source stressed that Parkview's representatives had not looked for more money than the €20,000 which Mr Crean had offered to cover the costs associated with executing the Deed of Transfer.
While it would be open to Marlet to pursue a claim for adverse possession of the land, the company would need to establish that it, or its predecessors in title, had enjoyed exclusive use of the property for a minimum of 12 years in order to prove its case. It is understood that Mr Crean and his team are determined to resolve the title issue with Parkview's residents on amicable terms and without the need for litigation.
Commenting on the matter, a source close to the negotiations said: "Issues of title are common enough. This is straightforward and it will be sorted out."
Elsewhere, and in preparation for the 'Dublin Living' sale, Marlet subsidiary, Crekav Trading GP Ltd, wrote to An Bord Pleanala on September 22 last seeking a pre-planning consultation to fast track the delivery of 421 residential units (419 apartments and two houses) at Carnlough Road in Cabra. The submission was made under the temporary legislation the Government introduced to speed up Strategic Housing Developments (SHDs) of 100 residential units and 200 student bed spaces.
Apart from the delivery of 421 units in Cabra, Marlet is looking to build 180 apartments at Mount Argus, 220 apartments at St Clare's and 362 apartments at Carriglea. The four schemes are due for completion between the second half of 2018 and the early part of 2020.