O’Callaghan must pay €6m penalty

ONE of the country’s top developers is to pay a €6 million penalty clause to Cork City Council which will help fund a rival’s development of a conference centre in the city’s docklands.

Details of how Owen O’Callaghan will pay back €6,094,742.78 to the city, following a decision not to build a trade centre at his Mahon Point site, will be unveiled tonight almost eight years after the deal was signed.

Proposals for a 15,200sqm trade centre were included in Mr O’Callaghan’s ultimately successful bid for the 111-acre land bank at Mahon Point which was put up for sale by the then Cork Corporation in the late 1990s.