It is reported by Peter Flanagan in the Irish Independent today that NAMA “last night” had receivers appointed to Becbay Limited, the company which owns the 25-acre former Irish Glass Bottle site in Ringsend in Dublin, which was bought at the height of the boom for €412m by a consortium that included Derek Quinlan, Bernard McNamara and, unfortunately for us, the Dublin Docklands Development Authority (DDDA). Despite €100m being spent on decontaminating the site and readying it for development, Becbay recently valued the site at just €30m in its annual report, and the DDDA had been valuing it at €50m in both its 2009 and 2010 annual reports. John Mulcahy, NAMA’s Director of Asset Management advised the sellers of the site back in 2006 and will know more about the site and its potential than anyone – it is difficult to see what value will be added to the site by the receivers.
The Independent names Mark Reynolds and Glenn Crann of Savills as joint receivers “over the business” but they look like property receivers to me.
The site today stands empty. Here are some recent photographs:
There are some feature blogposts on the history of this property here and here and here. Remember you can see a comprehensive list of Irish foreclosure actions by NAMA here and in this regularly updated spreadsheet.
NAMA Wine Lake 
Nothing more than flexing of muscle in the wake of yesterday’s decision. Very transparent at times!
I’ve took to be fairly ludicrous that when every other city in the entire world was removing docks from the center of cities Dublin was pretending it was in the polder business.
And quite frankly, these days you’d make more shillings turning the place over to a bloke with a line marker and charge by the day for parking.
@ Vince, The site will make a wonderful public park and wildlife habitat. Just think, the bracing breeze blowing in your face as you enjoy the wonders of Dublin Bay.
There is no shortage of parking spaces.
Bracing breezes are considered therapeutic for recovery by some people specifically after,surgery. NAMA stated recently that it was deploying some of its now over 200 employees,to aid and abet in finding a suitable hospital site.
@ john;(chuckle) the only other site in Dublin the rest of the State would find equal to the Mater for killing kids whilst getting them to it.
@ Niall; I was thinking car-park for it’s the only moneymaking scheme that can be put in place with the minimum effort. Isn’t there a treatment plant between it and the source of the bracing breeze.
@Vince,NAMA is adapting Zelig like characteristics,they are everywhere except the closing table!
Up for rent now