The property developer, Mr Liam Carroll, has paid just over €25 million for a key development site in Tallaght, Dublin 24, only days after gaining control of the Dunloe Ewart property group.
Mr Carroll outbid several other developers for the 5.77-acre island site which was owned by CIÉ.
It has town centre zoning and is likely to be used for a high density commercial and residential development that will comply with the Integrated Area Plan for Tallaght.
After taking over Dunloe Ewart, Mr Carroll now has one of the largest land banks in the city, including two major sites in the Dublin Docklands, one at Sir John Rogerson's Quay and the other at the former AIB lands near the Pigeon House in Ringsend.
He is shortly due to begin construction of over 600 apartments as well as a retail and office scheme at the former Bord Gáis Éireann site on Barrow Street in Dublin 4.
The 12-acre site off Grand Canal Street is one of the best on the south side of the city. His company, Danninger Ltd, is easily the largest developer of apartments in the city and is currently building homes at Clontarf, Islandbridge and Ringsend.
Agents Colliers Jackson Stops handled the sale of the Tallaght land which is located between Tallaght Hospital and The Square shopping centre.
It is likely to accommodate a development of about 1.8 million sq metres as well as about 800 car-parking spaces and a park-and-ride facility of another 450 spaces for the Luas service.
CIÉ made the sale conditional on the park-and-ride facility being included. This element will carry tax breaks but while Mr Carroll will be allowed to charge for parking, the scale of fees will have to be approved by the Rail Procurement Agency.
The deadline for qualifying expenditure under the Urban Renewal Scheme has been extended to the end of 2004, providing that at least 15 per cent of the expenditure, including the acquisition costs, are incurred before the end of this month. Mr Carroll is already building a large office and residential scheme on an adjoining site in Tallaght. The office element is understood to have been committed to a State agency.
CIÉ bought the site in 1993 from local authorities with the intention of putting a bus station there. Another development site of almost equal size beside it is owned by South Dublin County Council. It too is expected to go for development shortly.
