An €8 million bequest should seem like a welcome Christmas present - although perhaps not on the eve of a charity's annual appeal for funds. However, the Society of St Vincent de Paul says it is "delighted" to be receiving proceeds from the sale of a pub in Galway's city centre.
Four Galway developers have just paid about €14 million for O'Connell's pub in Eyre Square, and the State's oldest charity is set to receive some €8 million of that after capital gains tax, legal and other fees.
The former owner of the premises, Maureen O'Connell, had nominated St Vincent de Paul as the main beneficiary in her will when she died eight years ago.
The four-storey premises with 15 bedrooms was worth a fraction of that sum when Ms O'Connell passed away, but the prime location has been secured by the Odeon Syndicate, involving developers Michael Burke, Peter Gilhooly, Walter King and Tom Considine.
The syndicate paid €10 million for Odeon House earlier this year. It also owns town houses in the locality, and intends to redevelop the entire site. Two auctioneering firms sold the pub to the syndicate by public tender.
The SVP is due to publish its 2005 report and initiate its annual appeal for funds today in Dublin. Spokesman Stuart Kenny said yesterday it "might look as if all our Christmases have come at once now", but in fact Ms O'Connell's will was restricted.
Her will had specified that the money should be spent in Galway city and county "for the relief of the poor", he said.
An expert committee had been established to assess projects and submissions, which might also include preventative measures such as community resource centres and educational initiatives.
"We want to get the maximum possible benefit out of this wonderful donation, and so it will be spent very, very carefully," Mr Kenny said.
The sum represents about a fifth of the charity's total expenditure; it spent almost €40 million in 2004, and received about that in donations. Last year, 9,200 SVP volunteers responded to 250,000 calls for assistance.
