Dublin docklands authority posts deficit

A €10 million write-down in the value of the Custom House Quay retail development saw the Dublin Docklands Development Authority post a €2.4 million operating deficit in 2002, compared to a €5 million operating surplus for the previous year, the company's annual report shows.

The write-down represents the difference in value between the current market worth of the listed site, which is being transformed into an upmarket shopping centre, and the cost to date of its restoration.

But authority chief executive Mr Peter Coyne remained upbeat at the publication of the report yesterday, saying the healthy closing surplus of €104 million meant the company might not have to borrow to fund projects this year.

He was unwilling to confirm whether anchor tenants had been secured for Custom House Quay. Negotiations with several major retailers are ongoing but all insist on confidentiality.

Public awareness of dockland redevelopment is not as high as it might be, Mr Coyne said, and the authority would embark on a renewed promotion drive over the coming months.

He admitted there had been "some slippage" in take-up of Spencer Dock apartments, but said the majority of those who paid booking deposits had followed through.

The future of the long-mooted national conference centre remained cloudy but Mr Coyne said the docklands would be a "great place to have it".

The authority remained committed to delivering on its pledge to ringfence 20 per cent of its residential developments for social housing, he said.

Mr Coyne said: "There is still a huge amount to be done. We need to maintain the momentum in development to provide the physical reality of the Docklands project and the financial means to realise the Docklands Authority's vision of a world-class city quarter."

He added: "The second term of the Docklands Authority, from 2002 to 2004, will be critical in achieving the quality and social and economic stability of the project, which is our commitment."