herald

Saturday 16 December 2017

Carroll's broke but still getting planning

INSOLVENT developer Liam Carroll is still managing to secure planning permission for major construction projects.

Dublin City Council has given one of his companies, Danninger, the go ahead for a six to seven-storey commercial building in the docklands.

However, Mr Carroll may find it more difficult to secure funding to build the scheme, given that his companies already owe banks over €1bn.

The developer was supported in his planning application by the Dublin Docklands Development Authority (DDDA), which itself is experiencing severe financial difficulties.

The project on a site on Mayor Street Upper and Castleforbes Road will consist of three interconnected blocks connected by a central atrium with glazed bridges at levels one to six.

Included in the plan is provision for a landscaped urban park on the west side of scheme.

One of the blocks will incorporate a retail bank at its ground floor level, while there will also be a restaurant and other businesses in the development.

A string of objections had been lodged against Danninger's plans by residents living in the locality.

One opponent wrote: "The proposed blocks will totally dwarf our houses, blocking out both natural light and enjoyment of our properties."

The objector added: "Also, the noise and the development activities during the course of the proposed development will greatly affect us.

"Little concern was shown on the last development, namely the North Bank, when my house was scaffolded over by the same developer.

"I am in great fear that the same liberties will be taken again."

Last August, the High Court appointed a provisional liquidator to two companies in Mr Carroll's Zoe Group following an application by ACC Bank.

The six companies in the group owe eight banks €1.2bn.

Dublin-based Vantive owes ACC €63.9m while Jersey-based Morston owes that bank €72.1m.

Danninger was one of several subsidiaries which were listed by ACC Bank as owning money to Morston.

Mr Carroll's companies believe that the docklands will provide them with a way out of their current problems.

comurphy@herald.ie

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