Business Irish

Thursday 18 October 2018

Markets developer to recover €1.77m

The Iveagh Markets, Frances St
The Iveagh Markets, Frances St

Gretchen Friemann

Businessman Martin Keane will recover a deposit of €1.77m if he loses control of the Iveagh Market site in Dublin’s Liberties area. 

The hotelier and publican is at the centre of a dispute with Dublin City Council over stalled plans to develop the historic market.

Recently filed accounts for the Keane-controlled Drayton House Holdings Ltd, which controls the entity that in turn had a right to redevelop the derelict Edwardian market, record how the project has become ensnared in a thicket of “legal title issues”.

Dublin City Council last month said it intends to repossess the site this week, citing lack of work on the planned cultural and commercial hub.

Mr Keane has controlled the site for two decades.

Iveagh Market Hotels Limited, a company controlled by Mr Keane, “entered into a contract with Dublin City Council in 2008 to redevelop the site”, the accounts show.

Notes to the accounts state that a “number of legal title issues relating to the premises and site have been ongoing since the date of the contract and these legal title issues have still not been fully resolved”.

The accounts, completed at the end of last year, reveal that at the time of signing the financial statements, “title to the premises and site” continued to be held by Dublin Corporation and “therefore legal title has not yet been passed to the company and will not do so until such a time as the development is complete”.

However, in the event the Drayton House subsidiary fails to complete the development, and Dublin Corporation “fails to transfer title”, a deposit of €1.7m will be returned without “payment of any interest costs or compensation”.

Irish Independent

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