Property developer John Ronan has confirmed that he has no plans to develop Dublin's Fitzwilliam Square.
The square's residents association had expressed concern over its future when it was confirmed that Mr Ronan, of Treasury Holdings, had bought the freehold to the Georgian square.
According to a statement, Mr Ronan said he "has no plans for the square, other than to maintain it to the high standard it already holds and ensure it remains an enjoyable facility for residents and tenants of the square."
He is believed to have expressed interest in purchasing the square some years ago, and finally made a provisional agreement with owners, the Pembroke Estate, at the end of 2006.
Last week, residents of the square confirmed they had received correspondence from Mr Ronan's solicitor informing them of the deal. Among those with properties are Sir Anthony O'Reilly, publisher Kevin Kelly and pharmaceutical millionaire Lord Ballyedmond. Mr Ronan also owns a property there.
Leased to the Fitzwilliam Square Association until 2124, only residents have keys to its private garden. Due to a clause within the lease allowing for underground development, residents had feared an underground car park might be built.
According to Iain Finnegan, representative of the Pembroke Estate, a covenant was inserted into the deal preventing Mr Ronan from developing the land.
The price paid has not been revealed, but Mr Finnegan said: "It's not a major sum. It would reflect the fact that there would not be a development angle to it."
The current controversy at Dartmouth Square, from which freehold owner Noel O'Gara has run a tile showroom, has highlighted the possibility of developers buying the freeholds of Dublin's squares.
