Dunloe chairman sets sight on Cherrywood project

Dunloe Ewart's executive chairman, Mr Noel Smyth, is likely to look into acquiring the Cherrywood development in south Co Dublin once his involvement with the company ends early next year.

Mr Smyth said yesterday that the Cherrywood development was one that "any developer in his right mind would have to be involved in".

But he declined to express a specific interest in the property, noting simply that he would be concentrating on "property-oriented projects" once he exited his Dunloe role in January.

Cherrywood is currently up for sale by joint-owners, Dunloe Ewart and British Land. Financier Mr Paschal Taggart yesterday took control of the 27 per cent stake in Dunloe that was previously held by Mr Smyth. Mr Taggart paid €47.2 million for the holding, netting Mr Smyth a profit of about €30 million.

"You never go broke making a profit," he said, refusing to view his departure from Dunloe as a defeat in the power battle that has dogged the firm for several years.

Mr Smyth said he would he "very surprised" if media-shy developer Mr Liam Carroll did not end up with control of the stake sold to Mr Taggart. If this occurred, Mr Carroll would be obliged to make a bid for the entire company under Stock Exchange rules.

Mr Smyth said he had approached Mr Taggart with a view to selling his holding, but had not discussed what would happen to it subsequently. He said that he was aware that it would probably be sold on. Mr Taggart was unavailable for comment yesterday.

"My attitude was that it had gone on long enough," said Mr Smyth of the long-running stand-off between Mr Carroll, Mr Dermot Desmond, Mr Phil Monahan and himself.

In the near term, Mr Smyth said he planned to concentrate on his UK property portfolio.