An action by Dunnes Stores against developer Harry Crosbie over a €46m agreement related to the Point Village development in Dublin has settled, the Commercial Court heard today.
Brian O'Moore SC, for Dunnes, told Mr Justice Frank Clarke the case had been resolved on the basis of 'a comprehensive arrangement' being put in place. No details of that arrangement were revealed in court.
The judge welcomed the settlement and adjourned the matter to July 29, when it is expected that all the elements of the settlement will be in place.
The case related to the Point Village agreement of February 27 2008, under which Dunnes agreed it would pay €46m, plus VAT, for certain works. Dunnes is to operate a €23m flagship store in the development.
Dunnes had last year initiated the action against Point Village Development Ltd and Mr Crosbie, claiming it was entitled to rescind that agreement due to the alleged abandonment of the defendants' plans to build a 102-metre high Watchtower and the U2 Experience.
Dunnes also claimed PVD had failed to satisfactorily resolve deficiencies in the planning status of the development.
The defendants, which have spent some €14m on basement works for The Watchtower, rejected the claims and argued they did not require Dunnes' consent not to proceed with the two developments. After reviewing the commercial viability of both developments, the defendants had decided in May 2009 against proceeding with them.
