ONE OF THE worst timed deals of the property boom was the decision by Bank of Scotland Ireland in 2007 to take a 20 per cent stake in the development of Clancy Barracks near Heuston Station, where David Kennedy is the main man.

Another stakeholder in the scheme is Formation Group, a UK company whose shareholders include former Manchester United and Ireland footballer Kevin Moran.

The market tanked not long after BoSI bought into the scheme and more than 40 per cent of the 700 apartments planned for the site remain unbuilt.

The promoters have now been granted a five-year extension of the planning permission on the site and the planner’s report considering the extension contains a few interesting titbits such as the fact that €130 million has so far been spent on the development.

Construction should be completed by spring 2016, and the hotel block will not be commenced until the final phase of the project, the documents show.