Magahy and Co make millions on Abbotstown: ThePost.ie


TCH Archives > Sunday Business Post > 2004/02/01 > Magahy and Co make millions on Abbotstown

Magahy and Co make millions on Abbotstown
Sunday, February 01, 2004
Although the National Aquatic Centre at Abbotstown was completed almost 12 months ago, Magahy and Co continue to supply "property management and financial support services to CSID (Campus Stadium Ireland Development) Ltd in relation to the National Aquatic Centre", according to the firm. Audited accounts for 2002 and 2001, laid before the Houses of the Oireachtas recently, show that the "Executive Services Consortium", led by Magahy and Co, was paid over €1.5 million in 2001 and over €1 million in 2002. Figures for 2003 were unavailable this weekend.

"Project management" fees amounted to an additional €930,000 in 2001 and €470,000 in 2002. Paddy Teahon, the former secretary of the Department of the Taoiseach when the Temple Bar adventure was in full flight, is a member of the board of CSID.

Magahy and Co is also project director for the massive Mater and Children's Hospital project beside the existing Mater Hospital. The €320 million project received planning permission last year.

Last week, Magahy and Co's contract with the state agency that manages the Digital Hub project in the Liberties announced that it is renewing its "executive services" contract until the end of this year.

Magahy and Co will be paid €70,000 a month this year, reflecting a reduction in the level of services provided by the company.

For the past three years, the contract has been worth €140,000 a month, or €1.68 million a year. The 2004 contract was not put out to tender, as it was regarded as an extension to an existing contract.

Magahy and Co also carried out work for DCU and separate work for the Mater, the Sisters of Charity and the Digital Hub in 2003.