AN ARTICLE on Wednesday, October 22nd, reported on the decision of Stanley Holdings not to proceed with the purchase of town centre lands for Belmayne. The article stated that Stanley Holdings was unable to raise capital to discharge a sum of €5 million to Dublin Corporation.

The developer has pointed out that, in fact, no payment arose as there was no contract in place and that it decided not to proceed for reasons relating to the current economic climate and slowdown in property developments and not for any other reasons.

The developer also states that it is in a solid financial position. Its consultants are continuing to work with Dublin City Council representatives, including the city planner, on a master plan and towards a planning application for a landmark retail and office development on their joint lands.