The €32.6 million sale of development land on the north quays in Waterford is now expected to proceed following a settlement at the Commercial Court of a legal dispute that had delayed the sale for approximately three years.
The settlement includes an abandonment of claims by CIÉ and the Fishguard and Rosslare Railways and Harbour Company of an interest in part of the lands.
The dispute involved Tarcel Ltd, which negotiated a contract for the sale of the development lands in February 2005 with the Port of Waterford Company and CIÉ, with much of the controversy concerning whether CIÉ owned or was entitled to access to the Pier Head Road which forms part of the north quays.
After talks between the sides, the proceedings were settled on terms including an order striking out the action by the port company against CIÉ. The proceedings by Tarcel against CIÉ and the harbour company were also settled on terms including a declaration that the defendants have no interest in the lands and the dismissal of the counterclaim.
Tarcel is also to secure costs against the port company.
The dispute between the port company and CIÉ and the harbour company concerned whether or not and to what extent the port company had a right of way over a railway line owned by CIÉ.