TO MOVE or not to move, that is the debate surrounding Dublin Port and one in which the three large shareholder groups in Irish Continental Group (ICG) have more than a passing interest.
Last Friday, the Department of Transport advertised for consultants to carry out a "comprehensive study" of Dublin Port.
According to the tender notice, the brief includes taking account of "locational considerations in the context of overall ports policy on the island of Ireland, wider transport policy, urban development policy, the National Spatial Strategy and national economic policy".
That's Civil Service speak for should they advise the Minister [ Noel Dempsey] on whether the port should be moved or not.
This is something of a hot potato. Dublin Port is bursting at the seams. The port company would prefer to stay put and expand its 650-acre footprint.
The developers of Bremore port near Balbriggan in north Dublin, which is being developed by Treasury Holdings and the Drogheda port company, have floated the idea of the existing facility being relocated to their patch.
Dublin City Council, meanwhile, is carrying out its own review.
Moving the port would no doubt deprive it of valuable commercial rates and other revenues, but it would also open up a large area for residential and commercial development and revitalise that end of the city. It could be a once-off opportunity for the council to map out a new future for the capital.
ICG sits on 33 acres in the port on a long lease. Valuations of up to €545 million have been placed on this property.
This potential was the reason why Eamonn Rothwell's consortium, property developer Liam Carroll and the Philip Lynch-led Moonduster group shelled out millions building up blocking stakes in the ferry operator last year.
Rothwell's Aella had a €611 million bid for ICG rejected last year and stalemate is the order of the day. It could be some time before we learn of the consultants' recommendations - tenders are not due in until May 6th.
