Government approves €210m deep water port in north Dublin

 

Drogheda Port Company, whose facility is currently near full capacity, has been given permission by the Government to develop a new €210 million deep water port in north Dublin jointly with Castle Market Holdings, a subsidiary of Treasury Holdings.

Minister for Transport Noel Dempsey will make changes to the Harbours Act to designate the waters at Bremore in Fingal as a harbour, though this is merely a technical change, the department said.

The decision will raise speculation about Dublin Port, which is currently being eagerly viewed by property developers, including Liam Carroll and Philip Lynch's One 51 group.

Last December, the Drogheda Port Company selected Castle Market Holdings, an alliance between the Johnny Ronan/Richard Barrett-controlled Treasury Holdings and London-based Jermyn Investments as a joint venture partner following an open tender.

The pressure on the State's docks has increased dramatically in recent years. Dublin Port, for example, is near full capacity.

Before the general election, the Progressive Democrats argued that Dublin Port should be transferred to Bremore, leaving the docks ready for a multi-billion euro development of well-serviced apartments and offices. Last year, Treasury Holdings director, Paddy Teahon, who previously served as secretary general at the Department of the Taoiseach, said Bremore had "enormous potential", and was "quite unique and one of the most exciting projects in Ireland today".

The directors of Castle Market Holdings are Rory Williams, John Bruder, Johnny Ronan, Joseph Patrick Hearne, Joseph Simpson, Raymond Yeoman, Frederick Horney and Richard Barrett.

Castle Market Holdings made a €7,618 donation to Fianna Fáil's election campaign, while it also held a fund-raiser which raised €5,434 for the party.