Sunday 12 July 2009

Carroll presses on with Cherrywood developments

Developer Liam Carroll is seeking permission to develop a new €50m scheme comprising an office building, shops and over 100 apartments at Cherrywood Science & Technology Park in south Dublin, despite difficulties with some of his lenders.

If approved, the scheme will have three buildings rising up to five and six storeys as well as 607 car parking spaces.

Carroll became involved in Cherrywood when he mounted a hostile takeover of Dunloe Ewart and later bought out British Land's interest in the 412-acre site. The county council owns a third of the science park, which makes up about 10% of the site.

Carroll planned to develop a Dundrum-style shopping centre and about 11,000 residential units as well as offices and other uses on the rest of the site. Dunloe had previously stated in a submission to the council that it was planning to spend €400m alone on "basement substructures" before construction reached ground level.

Carroll told the High Court recently that he has assets of €259.5m, his bank debt is €149m and he has annual rental income of €9.85m while paying interest of €7.9m. He has lost at least €260m in stock market investments, according to the last filed accounts, and he and his companies have faced numerous High Court proceedings this year.

Sunday Tribune

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