The purchaser of 72 residential units in Dublin city centre is seeking €1.1 million in compensation from a developer over an alleged delay in meeting certain requirements to have the properties ready by the closing of the sale, the Commercial Court has heard.
Patrizia Grand Canal SARL bought the units, along with two commercial units, at Sir John Rogerson’s Quay from TIO South Docks Fund II Ltd under a €51.4 million contract for sale in 2019.
Patrizia says the defendant was obliged to have certain “completion deliverables” in place by last February but failed to do so and the properties were not ready until July 14th.
Completion deliverables
The completion deliverables included certificates of building compliance, HomeBond certs and the safety file for the works.
Patrizia says, as a result of the delay, under the contract, it is due €1.1 million in compensation from the defendant.
TIO South Docks refused to accept this and asserted Patrizia did not have the necessary funds to complete the sale on the closing date and that there were still negotiations going on prior to closing.
Patrizia denies this and said it did have the funds. It also claims that while the principal default by the defendant was in relation to the building compliance certificates, which were furnished on July 1st, the HomeBond certs were not provided until after July 14th.
As a result, Patrizia brought proceedings against the defendant which were admitted on consent to the fast track Commercial Court on Monday by Mr Justice Denis McDonald.
