Nama seeks partner to develop homes at Irish Glass Bottle site

The National Asset Management Agency (Nama) is to begin a search for property developers with which to partner in the development of the former Irish Glass Bottle site in Poolbeg, Dublin, which has the potential to deliver 3,500 homes, according to sources.

Nama could begin the process as soon as this week, said one of the sources.

The so-called Poolbeg West strategic development zone, covering the 25-acre glass bottle land and a neighbouring 12-acre site that was assembled by boom-time developer Liam Carroll's Fabrizia Developments, was formally adopted by An Bord Pleanála in April.

Nama said in its latest quarterly financial report, published on Friday, that it was “assessing how best to implement the delivery strategy with a view to ensuring housing delivery as soon as practical”.

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The two sites, secured by Nama in the wake of the property crash as borrowings set against them went into default, have the potential to deliver 3,500 homes for 8,000 people, 10 per cent of which would comprise social housing and a further 15 per cent affordable housing, according to the agency. Up to one million square feet of commercial space as well as school sites and community areas are also envisaged.

Social housing

Dublin City Council said last month that it was in talks with Nama to buy land on the site to accommodate up to 600 social and affordable homes.

A group called Becbay, comprising developer Bernard McNamara, property financier Derek Quinlan and State agency the Dublin Docklands Development Authority, acquired the bottle site for €412 million in an Anglo Irish Bank-backed deal in 2006. The sellers were a Dublin-listed company called South Wharf, a Paul Coulson offshoot of the former Irish Glass Bottle Company; and Dublin Port, freeholder of the land.

The site was subsequently seized by receivers appointed by Nama in 2012. Nama-appointed receivers took over the Fabrizia plot a year earlier as part of a wider Carroll Group action.

An initial planning application for the combined 37-acre land bank has been lodged with Dublin City Council in recent weeks to cover the planned development of streets, parks and utilities infrastructure. This includes a heating system that will provide apartments with heat sourced from the neighbouring Poolbeg incinerator.

The work will include construction of a central boulevard, local and side streets and a neighbourhood square. Parks and amenity spaces will include a coastal park from the boundary of the site with Seán Moore Park to northeast of the central boulevard, which will connect with the existing route leading to Irishtown Nature Park and Poolbeg Lighthouse.