‘No consultation’ on glass bottle site value

Businessmen Bernard McNamara and Derek Quinlan obtained no external valuation in their decision to further write down the value of the former glass bottle site in Ringsend, Dublin, by 40% to €30m, new documents show.

‘No consultation’ on glass bottle site value

Filings lodged by Becbay Ltd — the vehicle established to develop the Glass Bottle site — confirm that the further writedown is based on the opinion of the two and is not supported by an updated external valuation.

The 25-acre former glass bottle site was bought for €411m in 2006 in one of the biggest deals during the building boom and Becbay is 41% owned by Mr McNamara; 33% owned by financier Mr Quinlan with the Dublin Docklands Development Authority (DDDA) owning the remaining 26%.

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