DDDA selling building to U2 for a ‘ludicrous €450k’

The Public Accounts Committee (PAC) will call the Dublin Docklands Development Authority before it in the coming weeks to ask it about its sale of a site to U2.

The group, who recently made its latest album available for free download via iTunes, is due to purchase a site at Hanover Quay in the capital for €450,000.

At the start of yesterday’s PAC meeting, chairman John McGuinness said the authority had been asked to appear before the committee before it is formally wound up.

One of the issues that it is likely to be questioned on is the sale of the site to U2, with committee member Joe Costello TD querying the price received for it.

Speaking afterwards, Mr Costello said: “I wanted to put on the agenda today that they have put, in their dying days, a deal where they have sold a property, number 16 Hanover Quay, to U2 without having publicly advertised it,” he said.

Mr Costello said €450,000 was “a ludicrous price” for the property and that the authority was currently in a “lame duck” position as it faced into being wound up.

It is understood that the deal for the property has already gone through, which would mean the band having acquired a building where they once had a studio. The authority could appear before the PAC in the coming weeks.