A dispute over a €17 million development land sale which allegedly fell through in 2009 has been entered into the Commercial Court.
Earlier this year, a company called SSC Sustainable Communities Ltd brought High Court proceedings against farmer John Geoghegan seeking specific performance of an agreement in March 2004 when it is alleged Mr Geoghegan agreed to sell some 78 acres of land in Crewhill and Maynooth, Co Kildare, by March 2008 to the company’s predecessor in title, developer Gerry Deane.
The land, mostly zoned for housing with about two acres for commercial use, is about a kilometre from Maynooth University.
The company also sought declarations that Mr Geoghegan was bound to complete the 2004 sale agreement and that it (Sustainable Communities) was the beneficial owner of property.
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Mr Geoghegan denies the claims and says the contract to sell was rescinded in 2009.
On Monday, Mr Justice Mark Sanfey was told by James Dwyer SC, for Mr Geoghegan, that there was agreement from Sustainable Communities that the case be entered into the fast track Commercial Court list.
In an affidavit seeking entry of the case to the commercial list, Mr Geoghegan, of Crewhill, Maynooth, said in or around 2004 he was approached by Mr Deane who was interested in buying the land.
A price of €17 million was agreed and Mr Deane also paid a deposit of €500,000, later upped to €700,000 when the closing date for the deal was extended to March 2009, Mr Geoghegan said.
Subsequently, Mr Deane failed to complete the contract, he said. As a result the €700,000 deposit was forfeited, he said.
At no time did anybody question the formal recession of the contract in 2009, he said.
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While subsequent discussions took place with representatives of Mr Deane, Mr Geoghegan said no agreement was made in relation to selling the land. He also met with representatives of Sustainable Communities but there were no agreements concluded, he said.
In July 2024, Sustainable Communities wrote to him saying it had “acquired” the agreement that Mr Geoghegan had made with Mr Deane.
Mr Geoghegan said that while he firmly reiterates that the contract was rescinded in 2009, he said that the underlying 12 per cent interest rate provided for in the 2004 contract would mean the true value of what was now owed on the land would be around €33 million, not €17 million.
He also said the proceedings brought by Sustainable Communities prevent him from selling. leasing or otherwise dealing in the land.
