The receivers behind Point Village Development Ltd (PVDL) have launched a legal action against Dunnes Stores at the Commercial Court over a reported €15 million they are due under a settlement agreement.
The Irish Examiner reports that receivers Stephen Tennant and Paul McCann of Grant Thornton have said that there is an ‘urgent need’ for the dispute to be determined.
Works are ongoing at the Point Village site, the receivers claimed, which are being held up by Dunnes allegedly refusing to release the funds.
Dunnes owns a significant unit in the Point Village centre, which is yet to open, and the site has been the subject of prior discussions both with the receivers and with developer Harry Crosby.
According to the paper, Tennant claimed that the ‘dispute with Dunnes is having a serious impact on the ability of the receivers to maximise value from the assets as, without an anchor tenant, it is difficult to attract other tenants to the shopping centre.’ Photo by William Murphy.
© 2016 - Checkout Magazine by Stephen Wynne-Jones