Point Village legal row 'finally put to bed'

All outstanding issues concerning the settlement of a legal row between Dunnes Stores and businessman Harry Crosbie over a €46m agreement related to the Point Village development in Dublin have been "finally put to bed", the Commercial Court heard today.

Last July the High Court was informed that the case, which related to the Point Village agreement of February 27th 2008 under which Dunnes would operate a €23 million flagship store in the Point Village and would pay €46 million, plus VAT, for certain works, had been settled.

This afternoon at the High Court Mr Justice Frank Clarke was informed that following discussions between the parties all remaining issues had been resolved.

Dunnes brought proceedings against Point Village Development Ltd and Mr Crosbie, who was present in Court yesterday, claiming it was entitled to rescind the 2008 agreement due to the alleged abandonment of the defendants plans to build a 102-metre high "Watchtower" and the "U2 Experience".

The Watchtower, to include 31 floors of apartments and other floors with a restaurant and bar/sky garden, was to be a "distinctive" element of the development, operating as "an iconic landmark" visible from all over Dublin, Dunnes claimed.

The "U2 Experience" would also benefit the development as a whole by its association with the world famous band, it added. Dunnes also claimed PVD had failed to satisfactorily resolve deficiencies in the planning status of the development.

The defendants, who 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.

That action had been due to argued before the High Court, but settled after the Mr Justice Clarke was informed that the parties had reached a "comprehensive arrangement."

Today Michael Collins SC for PVD told the Judge that a number of "outstanding issues" remained between the parties that may need to be resolved by the court.

However following discussions between the two sides counsel informed the court that an agreement had been reached on those issues, and that the proceedings were now at an end. Brian O'Moore SC, for Dunnes, said that the matter had been "finally put to bed".

No details of the settlement, nor the nature of the differences that arose between the sides, were disclosed in open court.

The judge welcomed the settlement and agreed to adjourn the matter before the High Court next week for mention only.