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The Dublin Port Company sold the former Irish Glass Bottle site for €412 in 2006, to a syndicate including the Dublin Docklands Development Authority. Eamonn Farrell/Photocall Ireland

Irish Glass Bottle site now subject to possible NAMA sale

While the plant – bought for €412 million at the height of the property boom – is not for sale yet, it might be soon…

THE FORMER IRISH Glass Bottle Company site in Ringsend, Dublin is among the new additions to the National Asset Management Agency’s list of properties which are now subject to enforcement action.

Placing a property subject to enforcement order means that NAMA is preparing either to sell the asset or to rent it out, in whatever way would raise the most return for the agency and for the taxpayer.

A spokesman for NAMA said receivers appointed to the companies controlling each property would make a commercial decision on what the most lucrative option would be for each property concerned.

NAMA had appointed receivers to Becbay Ltd, the company which holds the title on the 25-acre undeveloped site, last month.

Blogger NAMAwinelake summarised last month that Becbay had spent €100 million decontaminating the site and making it ready for development, but that it now valued the site at only €30 million – some 7.2 per cent of what was paid for it in the 2006 deal.

The site is not listed as being currently for sale, however, indicating that the site may be considered as a possible location for the new National Children’s Hospital, as several newspapers reported last month.

The iconic Docklands site was sold by Dublin Port Company to a consortium including Bernard McNamara and Derek Quinlan, as well as the State-owned Dublin Docks Development Authority, for €412 million in 2006.

The size of the deal – in a deal considered by many to be the epitome of the property boom, with a price of just under €16.5 million per acre for the site.

A NAMA statement accompanying the list of properties subject to enforcement action said the total value of the NAMA properties which are up for sale is now over €1 billion.

The Irish Glass Bottle site is one of 44 properties added to the list in March.

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20 Comments
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    Mute Begrudgy
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    Apr 27th 2012, 4:28 PM

    412 million to buy.
    100 million to decontaminate.

    What in the hell were these guys going to build that already costed over 1/2 billion before even a sod of turf was turned for construction.

    88
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    Mute Donal McCarthy
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    Apr 27th 2012, 4:33 PM

    Monorail terminus.

    98
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    Mute Paul Doyle
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    Apr 27th 2012, 4:15 PM

    Good idea about the hospital, it’d beat having it in Swords anyway

    46
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    Mute Sheila Byrne
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    Apr 27th 2012, 4:43 PM

    The other day I was told that the person that sold land in North County for EUR12million, bought it back from NAMA in a land sale for EUR350,000!

    41
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    Mute Susie Chester
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    Apr 27th 2012, 5:21 PM

    That just would not surprise me in the least …. I look at New York and the decimation of the world trade centre and they already have another one built , bigger and better with a museum there too …. Why is it every thing we touch turns to sh!te ….. 412,000,000 e +100,000,000 e to decontaminate it … For kcuf sake where did they think they were.

    31
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    Mute Martin Murphy
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    Apr 27th 2012, 5:41 PM

    I agree Susie. Everything has always cost twice as much for three times less, and 5 times longer to build.

    27
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    Mute Sheila Byrne
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    Apr 27th 2012, 5:50 PM

    @Susie,

    It’s so wrong. In regard to the comment I left, NAMA could have sold it for much more than that. Especially when they knew who was offering to buy it. He could have paid more and maybe should have paid more. But then again, his offer was accepted.

    11
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    Mute Susie Chester
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    Apr 27th 2012, 6:02 PM

    It is very wrong , but you what ,maybe they just all know each other and find that favors can be sought …. I am just wondering if that is possible ?????

    12
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    Mute Dave O'Shea
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    Apr 27th 2012, 9:13 PM

    Can you find out anymore info??? I am going to pursue this… I received more info on NAMA that would make your toes curl.

    8
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    Mute Sean O'Keeffe
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    Apr 28th 2012, 12:33 AM

    There’s no surprise that Nama are keen to start offloading some property.
    The recent Eurostat revised reporting of irelands public spending deficit has thrown a spanner in the works for Noonan.
    The sale of 17% of Nama at the start of the week was kept well under the radar.
    http://namawinelake.wordpress.com/2012/04/23/17-of-nama-sold-to-un-named-private-investors/

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    Mute Conor Oneill
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    Apr 27th 2012, 4:35 PM

    It’s ok if they make a massive loss as the tax payer will bail them out. Just don’t do it again please!

    34
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    Mute corky2004
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    Apr 27th 2012, 6:45 PM

    No doubt the developers behind this massive loss are wining and dining tonight whilst a quarter of the country root in their presses for a morsel to eat.

    25
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    Mute Graham Carrick
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    Apr 28th 2012, 12:29 AM

    Jesus Christ you would swear we are living in north Korea desperately savaging for food and eating the local children. Stop dramatising things. It’s not that bad

    12
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    Mute Niall Connolly
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    Apr 27th 2012, 8:04 PM

    It’s about 5 mins from me and if I win the lotto tonight it’s being purchased at that price and turned into plots for people to grow their own fruit n veg, farmers organic market anyone?

    20
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    Mute Tony Skillington
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    Apr 27th 2012, 5:30 PM

    This has got to be the ultimate symbol of greed and stupidity from the Celtic tiger era…they hould leave it as it is as a reminder to future ‘Tiger cubs’ of can happen…

    16
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    Mute Graham Carrick
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    Apr 28th 2012, 12:32 AM

    Sheila unless I have the wrong Irish glass bottle site then I apologize. it is nowhere near the luas or dart and in one of dublins biggest traffic nightmare spots. Shite place for it

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    Mute Mark Larson
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    Apr 28th 2012, 12:51 PM

    The luas line that ends at the O2 is a 10 minute walk, also the Docklands station for commuter trains could be used also 10 minutes away.

    2
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    Mute Mark Larson
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    Apr 27th 2012, 8:47 PM

    Excellent location for the Childrens hospital. Id say they will build it at this location, they want it in a central Dublin location.

    8
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    Mute Sheila Byrne
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    Apr 27th 2012, 9:44 PM

    I know, before I even say it, I’m going to be eaten alive for saying this (people from nth county), but it probably would be a good spot for the children’s hospital. It is more central, the bus lines, luas, road structure is there. Lissenhall is too far out, especially when the new train system North has been rejected planning, because of no budget. (I think) I would hope that they build a large enough car park including an underground floor section.

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    Mute Mark Larson
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    Apr 28th 2012, 12:44 PM

    An underground car park is in the plans for the hospital with over 1000 spaces, they will be free for patients parents.

    2
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