A company behind a planned €100 million commercial and residential development in Dublin’s south docks waterfront district says the project continues to be delayed by another firm in a dispute over legal interest in part of the site.
Balark Investments says Chambury Investment Co claims its interest in part of the land at Lime Street and Sir John Rogerson's Quay, overlooking the river Liffey and the Samuel Beckett Bridge, is worth €20 million.
Balark disputes that claim and says the Circuit Court has already ruled Chambury’s interest in the disputed land is just €60,000 and that is all Balark must pay to acquire it.
Chambury has appealed that Circuit Court decision while Balark wants the Commercial Court to determine its entitlement to acquire that fee simple interest in the affected land.
On Monday, Mr Justice Brian McGovern, on consent of the parties, admitted Balark’s case and Chambury’s appeal to the Commercial Court list. The case comes back before the court in December.
Frustrate
Paul Horn, a director of Balark, said in an affidavit Chambury has sought to frustrate the development by using its freehold interest in certain lots of the site as a form of "ransom strip" in an attempt to force Balark to pay "a completely inflated sum for that interest".
Mr Horn says developer Johnny Ronan had bought the freehold interest in the affected lots in June 2015 but in September 2015, Mr Ronan's lawyers said he was no longer the owner.
Title records show Mr Ronan transferred the freehold interest to Chambury in October 2015 and Chambury later brought proceedings alleging breaches of covenant under the leases for these lots by Balark and served forfeiture notices on Balark, Mr Horn said.
The High Court, in June 2016, rejected Chambury's case and Mr Horn said Balark then sought about acquiring the fee simple interest which resulted in a Circuit Court ruling last July setting the value of Chambury's interest at €60,000.
Chambury’s tactics have created significant issues in relation to implementation of the development and has led to the postponement of works on the site, he said.
The tactics have also meant Balark has had to incur an increasing level of fees and costs, in excess of €1 million, he added.
It is of the utmost importance the question of Balark’s entitlement to acquire the fee simple be determined by the court, he said.
