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McEvaddy submission on third terminal at Dublin Airport is pie in the sky

A deal with DAA on the sale of its land holdings would make sense for both parties

Entrepreneur Ulick McEvaddy pictured in 2003 on lands beside Dublin Airport that he and his brother Des own. He is holding an image of how a new terminal on the site might look. The brothers recently made a submission to Fingal County Council outlining their intention to seek to build a third terminal on the lands, which are also for sale. Photograph: Leon Farrell/RollingNews.ie

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Cantillon
Sun Feb 4 2024 - 06:00

One of the more interesting submissions to Fingal County Council in relation to the DAA’s recent planning application to lift the 32 million passenger at Dublin Airport has come from DA Terminal 3 Ltd, an entity controlled by aviation entrepreneurs Ulick and Des McEvaddy.

The brothers own a substantial landholding beside the airport, which, along with neighbouring sites, was put on the market for sale last year. The owners reputedly believed that the holding of some 260 acres could fetch hundreds of millions of euro on the open market.

This was a fanciful valuation given that it has no access to the airport’s runway or other facilities, and without this the land has little value. To date, the only bid worth talking about has been lodged by DAA for a reported €70 million-plus, which was rejected.

Lodged on its behalf by planning consultant CWPA on January 29th, DA Terminal 3 told the council that it “stands ready” to develop a third passenger facility on the land – something that it has talked about for decades. “To that end, the company has appointed consultants, engaged with stakeholders, commenced discussions with adjoining landowners and initiated consultation with the planning authority,” the submission adds.

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Why would the McEvaddys be spending money on developing a new terminal if they are planning to sell the land?

A spokeswoman for DA Terminal 3 said the owners were “fully committed” to a third terminal. “In respect of this objective, it is keeping all of its options open. This includes a likely planning application, on land which remains on the market,” she added.

This is clearly just shadowboxing by the McEvaddys, who are both in their early 70s and have no intention of spending at least the next decade trying to develop a third terminal. Cantillon understands that negotiations on the land sale with DAA remain live. It’s a deal that would make most sense for both sides.

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