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 per cent to €30 million, new documents show. Filings lodged by Becbay Ltd, the vehicle established to develop the site, confirm that the further write-down is based on the opinion of the two.
The 25-acre site was bought for €411 million in 2006 in one of the biggest deals during the building boom. Becbay is 41 per cent owned by Mr McNamara; 33 per cent owned by Mr Quinlan; and 26 per cent owned by the Dublin Docklands Development Authority.
The report by Mr McNamara and Mr Quinlan states: “Development land has further fallen in value since the date of the valuation and consequently they have written the site down by an additional 40 per cent to allow for this.”
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