The buyer of 72 apartments in Dublin city center is seeking €1.1million compensation from a developer over an alleged delay in meeting certain requirements to have the properties ready by the time the sale is completed, the Commercial Court heard.
atrizia Grand Canal SARL purchased the units along with two commercial units on Sir John Rogerson’s Quay from TIO South Docks Fund II Ltd under a €51.4 million deal for sale in 2019.
Patrizia says the defendant was required to provide certain “completion services” by last February however, did not and the properties were not ready until July 14th .
Final deliverables included building compliance certificates, HomeBond certificates and the security file for the works.
Patrizia says that as a result of the delay, according to the contract, she is entitled to 1.1 million euros in damages from the defendant.
TIO South Docks refused to accept this, claiming that Patrizia did not have the funds necessary to complete the sale on the closing date and that negotiations were still ongoing before closing.
Patrizia denies this and said she has the means.
It also alleges that while the defendants’ principal default was in respect of the building compliance certificates issued on July 1, the HomeBond certificates were not submitted until after July 14.
As a result, Patrizia brought an action against the defendant, which was admitted with the approval of Mr Justice Denis McDonald’s expedited commercial court.
https://www.independent.ie/business/commercial-property/developer-sued-for-11m-over-late-delivery-of-dublin-flats-42230854.html Property developer sues €1.1million for late delivery of Dublin apartments