Guinness family takes back ownership of the Iveagh Markets

The Iveagh Markets building in the Liberties has been repossessed by the Guinness family following a long running planning dispute.

An agreement has been reached after several months of negotiations and a representative of the family inspected the site today.

It was built by Lord Iveagh, the head of the Guinness family, in 1906 at a cost of £50,000 and was established under the Dublin Corporation’s Market Act of 1901.

It opened the following year with the hope that it would get the traders off the street and put them here under a comfortable roof in Francis Street.

It was leased back to Dublin Corporation on the condition that it was to be used as a covered market for the local community.

Publican Martin Keane did a deal with the council in 1997 to develop the Markets building by converting it into a hotel, restaurant and modern market.

The project never took off the ground and the building has been empty for over two decades.

Back in January Dublin City Council announced it was to repossess the Iveagh Markets from Martin Keane.

Assistant Chief Executive Richard Shakespeare said in an letter to councillors that Martin Keane had failed to show he had sufficient funds to develop the site.

Mr Keane, who owns Oliver St John Gogarty’s pub and Blooms Hotel in Temple Bar, said over the years that he wanted to develop a venue similar to London’s Covent Garden.

A survey has concluded that it will cost €13 million just to stabilise the building with total repairs costing €30m.

As per the 99-year lease agreement with Dublin City Council, ownership of the market is to return to the present Lord Iveagh, Edward Guinness.