A company controlled by the members of U2 has bought out its partner firm in the band’s planned "world-class” U2 visitor centre and exhibition space for Dublin’s docklands.
It is now almost four years since U2 firm, MHEC Ltd and businessman, Paddy McKillen Snr’s company, Golden Brook Ltd secured planning permission in January 2019 for the U2 visitor centre and exhibition space at Hanover Quay.
'Destination experience'
Planning documents lodged with the scheme forecast that the U2 visitor centre would make Dublin’s Docklands “a destination experience for the millions of U2 fans around the world” and attract around 390,000 U2 fans to the capital each year.
The visitor centre is to contain exhibit spaces housing memorabilia from U2’s vast musical history including old guitars, performance outfits and paraphernalia from their past.
Dublin City Council’s planners lauded the centre's design by award-winning architects, ODAA stating that it was “a striking and innovative contemporary building” and “would upgrade one of the most prominent locations in the city”.
However, with no work yet commenced on site, recently filed by accounts by U2’s main firm here, Not Us Ltd disclose that the company purchased Mr McKillen’s investment property firm, Golden Brook Ltd on February 14th of this year for €232,283.
Loans
A note attached to separate 2021 accounts filed for Golden Brook Ltd show that the firm’s bank loan of €1 million and Mr McKillen’s loan of €800,430 to the firm were fully repaid on the acquisition of the business by Not Us Ltd where Bono, The Edge, Adam Clayton and Larry Mullen each have a 25 per cent shareholding.
It is not clear if the Golden Brook Ltd purchase ends Mr McKillen’s involvement in the visitor centre project or is only a restructure of the joint venture.
A spokeswoman for Mr McKillen declined to comment when asked if Mr McKillen remains a partner in the project.
Asked about the current status of the project, a spokesman for MHEC Ltd said on Thursday: “Work in relation to a visitor centre is ongoing.”
Asked to confirm that it intends to construct and operate the U2 Visitor and Exhibition Space which it secured planning permission for in January 2019, the spokesman declined to comment any further.
However, no work has commenced on site with the current planning permission due to expire in March 2024.
In order for construction to commence, the applicants are required to begin payment of €225,647 in planning contributions.
However, Dublin City Council has confirmed that no planning contributions have been made and no Commencement Notice has been received allowing work to commence.
Two of the years since planning permission was granted have been Covid-19 impacted years when a number of tourism related projects around the country were mothballed or paused due to uncertainty over the tourism industry globally.
