Nama yet to choose Irish Glass Bottle site partner, says developer

The National Asset Management Agency (Nama) will not choose a partner to develop the high-profile Irish Glass Bottle site for several months, Sean Mulryan, Ballymore Properties chief executive, has said.

Mr Mulryan confirmed yesterday that his group was one of the final bidders for a joint venture with the State agency to build homes, offices, shops and other facilities on the land at Ringsend in Dublin.

“No decision has been made on that,” he said, adding that he did not expect Nama to choose a private sector partner for the project for several months yet.

Ballymore was widely reported to be a front runner in what many industry sources say is a three- or four-horse race.

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Final bids closed last month, but Nama has not named any of the companies involved. Others are thought to include US group Hines and Johnny Ronan’s Ronan Group Real Estate. Nama was said to be offering an 80 per cent stake in the site for €130 million.

Affordable

Ballymore is already building offices and homes on land belonging to the State agency at the Dublin Landings site in the capital. Singapore-based Oxley is backing the developer in the project.

Plans for the Irish Glass Bottle site provide for 3,500 homes, including a significant number of social and affordable dwellings.

Meanwhile, An Bord Pleanála has given Ballymore permission for 435 apartments at the group's Royal Canal Park development in Ashtown, on Dublin's north side.

Located on the site of the former Ormond Printworks on Ratoath Road, the complex will include 218 one-bedroom and 217 two-bedroom apartments, a healthcare centre, pharmacy, offices and shops.

The development will be the fourth phase of Ballymore’s Royal Canal Park project.

Mr Mulryan welcomed the news. He noted that since Ballymore began work there in 2004, it has built more than 1,200 new homes, cafes, community centres and a canal basin canoe polo club.

“We’ll ensure this latest phase is responsibly integrated into the existing local community,” Mr Mulryan said.

Ballymore is also preparing to begin work on Connolly Quarter, a CIÉ site close to the railway station of the same name in Dublin city centre. The group has planning permission for 741 homes there.