€41m 'jewel in the crown' Army barracks sale go-ahead
Ray Managh
The Irish Independent
6-Aug-2003
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THE €41m sale of the former 90-acre military barracks known as the 'Jewel in the Crown' of army landbanks - can now go ahead.
In the High Court yesterday, Mr Justice Paul Gilligan ruled a settlement agreement between the former warring parties, the defence minister, Ballincollig Holdings Ltd., which claimed to hold the interest in the leases, and O'Flynn Construction Co Ltd.
The sale of Murphy Barracks at Ballincollig, Co Cork had been held up because Ballincollig Holdings, South Mall, Cork, had claimed the property should revert to them.
George Brady SC, counsel for the minister; James Dwyer SC, counsel for O'Flynn Construction, and Maruice Gaffney SC, counsel for Ballincollig Holdings, told Judge Gilligan the dispute had been settled.
The funds raised from the disposal of military properties are being invested in the redevelopment of other military installations and essential new equipment.
The delay in disposing of the former barracks would have had significant financial implications as the estimates for the department next year had already been framed on the basis that the €41m would be realised prior to the government finalising the Budget for 2004 in December. Defence Minister, Michael Smith has now axed five army facilities.
Murphy Barracks boasts frontage which comprises almost half the entire main street in the booming Cork town - and a landbank which sweeps, in the rear, down to the River Lee.
Property tycoon, Michael O'Flynn, now plans to develop a 900-house residential scheme on the lands as well as commercial units.
Part of the Murphy Barracks site is also the focus of a proposed €45m plan to develop a rehab hospital with 400 full and part-time staff. It will treat patients in Munster with severe brain, neck and spinal injuries.
Ray Managh
The Irish Independent
6-Aug-2003
*********************************
THE €41m sale of the former 90-acre military barracks known as the 'Jewel in the Crown' of army landbanks - can now go ahead.
In the High Court yesterday, Mr Justice Paul Gilligan ruled a settlement agreement between the former warring parties, the defence minister, Ballincollig Holdings Ltd., which claimed to hold the interest in the leases, and O'Flynn Construction Co Ltd.
The sale of Murphy Barracks at Ballincollig, Co Cork had been held up because Ballincollig Holdings, South Mall, Cork, had claimed the property should revert to them.
George Brady SC, counsel for the minister; James Dwyer SC, counsel for O'Flynn Construction, and Maruice Gaffney SC, counsel for Ballincollig Holdings, told Judge Gilligan the dispute had been settled.
The funds raised from the disposal of military properties are being invested in the redevelopment of other military installations and essential new equipment.
The delay in disposing of the former barracks would have had significant financial implications as the estimates for the department next year had already been framed on the basis that the €41m would be realised prior to the government finalising the Budget for 2004 in December. Defence Minister, Michael Smith has now axed five army facilities.
Murphy Barracks boasts frontage which comprises almost half the entire main street in the booming Cork town - and a landbank which sweeps, in the rear, down to the River Lee.
Property tycoon, Michael O'Flynn, now plans to develop a 900-house residential scheme on the lands as well as commercial units.
Part of the Murphy Barracks site is also the focus of a proposed €45m plan to develop a rehab hospital with 400 full and part-time staff. It will treat patients in Munster with severe brain, neck and spinal injuries.
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