Dunnes Stores owes me €23 million

HarryCrosbie claims the alleged failure of Dunnes Stores to complete an agreement to become an anchor tenant is jeopardising the continued financing of his €850m development on the site of the old point depot
HarryCrosbie claims the alleged failure of Dunnes Stores to complete an agreement to become an anchor tenant is jeopardising the continued financing of his €850m development on the site of the old point depot

Developer Harry Crosbie takes Dunnes to court for allegedly reneging on its commitment to pay for works at the Point Village where it was to be anchor tenant

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9 March 2009 | 0

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Businessman Harry Crosbie has claimed Dunnes owes him €23million after agreeing to become an anchor tenant of the Point Village Development in Dublin, and later not paying for work carried out.

When the matter went before the Commercial Court last month, Judge Peter Kelly was told the issue was going to mediation. He subsequently admitted the case to court and adjourned it for five weeks to accommodate mediation.

Point Village Development has claimed Dunnes made an agreement last February to pay €46 million and become anchor tenant of the €850 million scheme, part of the already completed O2 venue. Over half the work, including €23 million on the Point Village, has been completed.

In an affidavit, Crosbie said he agreed to borrow €51 million from his bank to fund the anchor tenancy works, following the agreement with Dunnes. However, Dunnes failed to make the first stage payment last August.

At a meeting between the parties in October, Margaret Heffernan said Dunnes could not honour its contract without changes "reflecting new market conditions." Crosbie said he had later received a phone call from her associate Irwin Druker saying Dunnes wanted a 20 to 30% discount on the project and 10 years to pay it. No agreement was reached and Crosbie said outstanding stage payments now stood at €23 million, plus interest of €79,783.

 

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