Royal Tara sale to fund purchase of city airport

The development of Royal Tara China in Mervue is back on the agenda as Galway City Council plans to relinquish its interest in the property in return for half a million Euros. The Galway City Tribune can reveal the local authority is planning to dispose of its freehold interest in the historic building and site, and use the proceeds to fund the deal to buy Galway Airport. Officials at City Hall briefed Galway City Councillors about its plans to offload its interest in Royal Tara buildings, and the 1.9 hectares of land it sits on. The property was leased by the Council to Royal Tara China Limited under four separate leases of duration from 200 to 500 years. City Councillors have been advised that the local authority is now obliged to sell its freehold. “Galway City Council have sought legal opinion on the request by Royal Tara Holdings to sell the property and it was confirmed that City Council are obliged to sell the freehold interest once price exceeds market valuation,” a briefing document says. The report notes a valuation has been carried out on the site by external consultants based on market values. “The price agreed of €535,000 exceeds the market valuation,” the report says. Tara Hall, a building steeped in history, is a protected structure. The site, surrounded by residential estates, includes several factories, sheds and outbuildings to the rear of Tara Hall. For more on this story, see the Galway City Tribune.