U2 buy out partner McKillen in planned Dublin visitor centre

A company controlled by the members of U2 has bought out its partner firm in the band’s planned “world class” U2 visitor centre and exhibition space in Dublin’s docklands.

It is now almost four years since U2 firm MHEC Ltd and businessman Paddy McKillen snr’s investment property company Golden Brook Ltd secured planning permission for the U2 visitor centre and exhibition space at Hanover Quay.

Planning documents lodged with the scheme said the U2 visitor centre would make Dublin’s docklands “a destination experience for the millions of U2 fans around the world” and attract about 390,000 U2 fans to the capital each year.

Dublin City Council’s planners lauded the centre’s design by award-winning architects, ODAA, stating that it was “a striking and innovative contemporary building” and “would upgrade one of the most prominent locations in the city”.

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However, with no work yet commenced on site, recently-filed accounts by U2′s main firm here, Not Us Ltd, disclose that the company purchased Golden Brook Ltd on February 14th of this year for €232,283.

A note attached to separate 2021 accounts filed for Golden Brook show the firm’s bank loan of €1 million and Mr McKillen’s loan of €800,430 to the firm were fully repaid on the acquisition of the business by Not Us Ltd where Bono, the Edge, Adam Clayton and Larry Mullen each have a 25 per cent shareholding.

It is not clear if the Golden Brook purchase ends Mr McKillen’s involvement in the visitor centre project or is only a restructuring of the joint venture.

A spokeswoman for Mr McKillen declined to comment when asked if he remained a partner in the project.

Asked about the current status of the project, a spokesman for MHEC said on Thursday: “Work in relation to a visitor centre is ongoing.”

Asked to confirm that it intends to construct and operate the centre for which it secured planning permission in January 2019, the spokesman declined to comment any further.

However, no work has commenced on site with the current planning permission due to expire in March 2024.

In order for construction to commence, the applicants are required to begin payment of €225,647 in planning contributions.

However, Dublin City Council has confirmed that no planning contributions have been made and no commencement notice has been received which would allow work to commence.