independent

Friday 18 April 2014

Glass bottle site may be rented

NAMA's receiver plans to rent, rather than sell, the controversial Irish Glass Bottle site at Ringsend, Dublin 4.

Receiver Mark Reynolds of Savills has not quoted a rent, but it is expected the 25-acre site will achieve a rent of around €675,000 on the basis of average rents of €25,000-€30,000 per acre for open space for container storage.

Either this or other port-related activities seem the most likely prospects for its use, as it is close to the quayside container- loading terminal at South Bank Road.

The receiver is also willing to consider letting it out in smaller plots ranging in size from four acres upwards, and is inviting expressions of interests from possible tenants for all or parts of the site. It is also available to let on flexible short-term lease.

The 25-acre site was bought for €411m in 2006 in one of the biggest deals of the building boom, but it has since been revalued at about a tenth of that price. It was bought by Becbay, a consortium headed by property developer Bernard McNamara which included Derek Quinlan and the Dublin Docklands Development Authority (DDDA). Becbay was 41pc-owned by McNamara and 33pc by financier Derek Quinlan, with the DDDA owning the remaining 26pc.

Subsequently, DDDA's involvement caused considerable controversy, partly because of the way in which it exposed the taxpayers to such a huge and risky development play. While the site's Dublin 4 Sandymount location appeared to be gilt-edged, it was purchased at the peak of the market.

Also, DDDA was accused of a conflict of interest due to its role as a planning and development authority for the site as well as a partner in the development consortium.

Strategically positioned on the junction of Sean Moore Road and the South Bank Road, the site is situated on the northern edge of Sandymount, adjacent to Dublin Port and within 3km of the city centre. It is also within easy reach of the East Link bridge and Dublin Port Tunnel, which links the city centre with the national road network via the M50.

The property was formerly occupied by the Irish Glass Bottle Company until 2006, and is fully secured with CCTV monitoring services and palisade fencing.

Irish Independent

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