A NUMBER of potential new land deals on the Belfast waterfront are understood to be "ready to move forward" - but are being thwarted by an acrimonious spat between the city's Harbour Commissioners and developers Titanic Quarter Ltd.
And the bitter dispute over the terms of a "master agreement" for development schemes on the sprawling 185-acre site is set to be played out in the Royal Courts of Justice over the next three days.
Land in the area is owned by Belfast Harbour Commissioners and leased out to Titanic Quarter Ltd for development projects under the master agreement.
But a disagreement has emerged over the interpretation of that contract - and attempts at mediation have so far failed.
And now the court is being asked to make a determination about clauses in the master agreement, with the case due to commence this morning.
Both parties in the dispute have worked together over the last decade to deliver a number of major developments on the site, including a financial services centre and commercial, education, residential and leisure facilities.
Indeed money has been made by both parties - believed to be upwards of £15m each - on the seven deals which have been done until now.
But the relationship has crumbled over recent months, and the Harbour Commissioners has summonsed Titanic Quarter chiefs to answer a number of questions relating to the master agreement, which was signed back in March 2004.
In broad terms, the Commissioners believe that they can make more money if they go it alone, whereas Titanic Quarter insist they have a lease which extends to 2030 and must be honoured.
Sources close to the case fear the dispute could have major implications for future projects on the waterfront site, which already boasts the Titanic Belfast visitor attraction, film studios and the Northern Ireland Science Park.
The Irish News understands that a least one significant office deal, fully funded and with government backing, is ready to proceed on the harbour site but won't proceed until the current impasse is resolved.
The case is being heard before Lord Justice Girvan.
