Price is not right for Royal Tara site

The former Royal Tara site at Mervue. Picture: Mike Shaughnessy

A decision on the sale of the 1.9 hectare Royal Tara China site in Mervue has been deferred after city councillors raised concerns that the figure agreed of €535,000 was not good enough for such a prime site.

At Monday’s Galway City Council meeting it was agreed to defer the decision until more information could be provided. Councillors were informed that Royal Tara Holdings Ltd had approached the council with a request to purchase the land and that because of the leases that were entered into in the 1950s the local authority has a legal obligation to allow the purchase.

The property was leased to Royal Tara under four separate leases of durations varying from 200 to 500 years. Director of services Joe O’Neill said that legal opinion was sought on the request by Royal Tara Holdings to sell the property, and it was confirmed the council is obliged to sell the freehold interest once the price exceeds market valuation. The valuation of the property, which is zoned for enterprise, industry, and related uses, was carried out by an external consultant and based on market values. Mr O’Neill recommended to proceed with disposing of the freehold interest to Royal Tara Holdings Limited for the agreed sum of €535,000 with the proceeds of the sale being used to pay the city council’s share of the purchase of the Galway Airport site in Carnmore.


News

Price is not right for Royal Tara site

A decision on the sale of the 1.9 hectare Royal Tara China site in Mervue has been deferred after city councillors raised concerns that the figure agreed of €535,000 was not good enough for such a prime site.

The former Royal Tara site at Mervue. Picture: Mike Shaughnessy

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