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.