However, Jackson Way Properties, which sought over 47m in compensation, will still have to overcome considerable legal hurdles before it is likely to receive a cent from Dun Laoghaire-Rathdown County Council.
Arbitrator John Shackleton yesterday issued his ruling in which he awarded Jackson Way €12,860,700. The figure includes €9.691m for the actual value of the land, while the remainder consists of awards for disturbance and reinvestment.
A Dun Laoghaire-Rathdown County Council spokesperson said the award could only be paid over if the claimant could prove it held proper entitlement to the land.
The local authority itself had valued the compensation at €7.6m.
Last month, Mr Shackleton turned down an application by the council to introduce new evidence about the existence of a restrictive covenant which would prevent housing being built on the Jackson Way site.
However, it is believed this could now prove a major stumbling block in any attempts by the company to collect the compensation award.
Dun Laoghaire-Rathdown County Council believes the terms of the covenant will have an adverse effect on the value of the land, which was not taken into account by the arbitrator.
It has also claimed the ownership structure of Jackson Way is not credible because the compensation hearing and the Planning Tribunal have heard conflicting evidence on the subject.
While Jackson Way is nominally owned by Birmingham estate agent Alan Holland, the tribunal has heard its true owners are solicitor John Caldwell and Isle of Man-based businessman Jim Kennedy.
Political lobbyist Frank Dunlop has told the inquiry he bribed councillors on behalf of the company to support the rezoning of the Jackson Way land during the 1990s.
The controversial development has also been linked to Liam Lawlor, although the former Fianna Fáil TD denies having any beneficial interest in Jackson Way. It is believed that the Criminal Assets Bureau would move in to freeze its assets should Jackson Way attempt to collect the award.