13. Development Land
The Company entered into a Development Agreement dated 6th July 1999 with Earlsfort East Point and Eastpoint (Development) Two Ltd. (“the Developer”), for a development comprising approximately 14 acres of land adjoining the East Point Business Park Development Phase I.
At 31 December 2016, a receivable of €1.246m remains outstanding relating to the final three sites of land (comprising approximately 6 acres of land) which are subject to this arrangement. The Directors are satisfied that the carrying value of this land is fully recoverable at 31 December 2016.
In addition to consideration for the land sold, the Company is also entitled to further consideration calculated based on a share of the net profits realised on the sale of the developed properties by Eastpoint (Development) Two Ltd.
The consideration under this agreement will be recognised in the financial statements in the period when it is realised by Dublin Port Company. No consideration was recognised during the year (2016: NIL).
The Company is currently engaged in discussions with the developer with a view to finalising the timeframe for receipt of both the consideration in respect of land and any further consideration to be received on the ultimate sale of the relevant properties.