Property mogul Johnny Ronan is embroiled in an arbitration process due to a clash with the Dún Laoghaire-Rathdown County Council. Centred around a disputed development of over 1,000 flats and an office complex in Cherrywood, the Sunday Times reports that the seasoned developer is also separately facing defamation charges by DLR Properties. This entity, which is under local governmental control, is seeking compensation from the Ronan Group citing an alleged breach of a development contract. Last September, this agreement, involving the conveyance of 12 acres within a larger 13.3-acre plot in Cherrywood from DLR to the Ronan Group, was abandoned unsuccessfully in meeting several set targets. These failures are attributed to unavoidable circumstances, encompassing Covid-19, among others.
Another legal row reported by The Sunday Times involves Ryanair’s ongoing tussle with the Irish Aviation Authority (IAA) over passenger capacity limits at Dublin Airport. The airline intends to sue the regulator, following a denial of additional slots this winter season due to concerns surrounding surpassing the existing passenger limit at Dublin Airport. Ryanair was looking forward to an allocation of 514,000 extra slots to cater to the high demand during the holiday season. They are now expected to question the slot allocation by the IAA, asserting their historical right to these additional slots.
In other news, Premier Inn, a budget hotel chain from the UK, plans to increase its room targets in Ireland due to high demand and a limited supply, as reported by the Sunday Independent.
Whitbread, the hospitality group listed in London that owns the brand, has expressed its desire to intensify its presence in Ireland by 5000 rooms, surpassing its initial goal by more than 30 per cent.
Throughout the region, it is known that the group is focusing on places with robust economies linked to leisure, such as Killarney, Kinsale, and Westport, as well as larger towns and cities. In other news, the national wealth fund, ISIF, has invested in two distinct environmentally-focused technologies backed by the SOSV venture capital firm, according to a Business Post report. A whopping $65 million (around €60.7 million) was provided towards Sean O’Sullivan’s Ireland Biomanufacturing Fund and a deep-tech start-up fund focusing on decarbonisation. SOSV, under the guidance of the former star of Dragon’s Den, Sean O’Sullivan, is teaming up with ISIF to transform Ireland into a major hub for biomanufacturing.
In relation to mortgages, three Irish providers are extending offerings to individuals up to the age of 80. This particular push has been stimulated by a rise in divorcees looking to secure a fresh residential property, as detailed in the Sunday Times. Nua Money, a new competitor in Ireland’s financial marketplace, is reportedly the latest to provide an option that allows individuals to secure 35-year mortgages later in their lifespan. It’s now aligned with MoCo and ICS Mortgages in providing these terms, a divergence from the country’s traditional banking institutions that usually require customers to conclude their mortgage payments before the age of 70.