Tuesday 23 June 2009

O'Callaghan in €9m land purchase row

DEVELOPER Owen O'Callaghan is involved in a legal row over whether his company is entitled to terminate an alleged agreement for a €9m land purchase.

It centres on an alleged deal between his company and Sean and Eileen O'Sullivan of Glenhouse, Frankfield, Grange, Douglas, Cork, for the purchase of 37 acres of lands at Ballyorban, Douglas.

Mr O'Callaghan claims the agreement was linked to a separate agreement to buy the grounds of Cork Constitution rugby club for €26m and move the club to the Ballyorban lands.

Mr Justice Peter Kelly admitted the proceedings by O'Callaghan Properties to the Commercial Court yesterday. Separate proceedings seeking specific performance of the €9m agreement had also been issued by the O'Sullivans and will be addressed in the O'Callaghan proceedings.

The O'Sullivans claim that O'Callaghan Properties is not entitled to rescind the agreement.

Irish Independent


No comments: