A dispute over a £3.5 million purchase offer for a Cork city site has been settled, the High Court was told yesterday. Northgate Investments Ltd of Cork had sued Clondalkin Group plc, and Guy & Co Ltd, a subsidiary of Clondalkin Group, the owner of The Guy & Co site at Cornmarket Street.
Northgate claimed it had offered £3.5 million and was told last November that its offer was the highest, but if its precondition was dropped the price could be reduced.
Later that day Northgate's agents unconditionally offered £3.4 million which was accepted by Guys' agents. It was claimed Northgate sent an unrefundable deposit of £100,000 and Clondalkin accepted the offer.
Northgate alleged that it disclosed confidential information on plans for the site, and Clondalkin and Guy tried to reopen the tendering process.
Clondalkin and Guy denied the claims. They denied the £3.4 million offer was accepted by their agents and, if it was, there was no authority to do so. They denied the claims of the increased offer. They were entitled to refuse to complete the alleged sale, it was submitted.
Following day-long talks yesterday, Mr Hugh O'Neill SC, for Northgate, told Ms Justice Laffoy that the action had been settled and could be struck out. He said his clients had agreed to vacate a registered claim on the site.