A DISPUTE between two Cork-based property developers over a valuable development site in Cork’s docklands has been settled at the Commercial Court.

O’Flynn Construction (OFC), developer of the Elysian mixed office and residential development on three acres in Cork’s docklands, including an 80m, 17-storey tower that will be the tallest building in Ireland, had sued Howard Holdings plc (HH) over allegedly reneging on an alleged joint venture agreement relating to a site adjacent to the tower, known as “Doyle’s site”.

The proceedings were against HH and one of its subsidiary companies, Hartopp Investments Ltd, as the Doyle site was ultimately sold to Hartopp.

The defendant companies denied the claims and contended that there was no concluded or enforceable agreement between them in relation to the Doyle site.

The hearing opened on Tuesday before Mr Justice Brian McGovern in the Commercial Court, the big business division of the High Court, and was expected to last two weeks.

However, after about six hours of talks between the parties outside court yesterday, Michael Cush SC for OFC told the judge just before 4pm that the matter had been settled.

He asked the proceedings be struck out with liberty to apply only in relation to enforce of the terms of settlement.

The judge said that he was very pleased that the sides had reached a settlement.

Cork and Dublin were small places, both parties would have to do business again in the future and he was therefore very pleased that they had settled the matter, the judge remarked.