State to lose out in land deal

AN Oireachtas committee will this week be asked to probe a report that a company is availing of a legal loophole to acquire a State property valued at €300 million for less than €20m.

The 25-acre site in Ringsend is owned by the Dublin Port Company but let by South Wharf, which was formerly known as Ardagh Plc. Ardagh operated a glass bottle plant on the site which closed in 2002.

It was reported yesterday that South Wharf is now attempting to buy the valuable site for a fraction of its value under a loophole, which allows firms to buy the fee simple, or right of ownership, on request.