Poolbeg: Nama looking for partner to develop homes at site

by Gary Ibbotson

The National Asset Management Agency (Nama) is to partner up with a property developer to develop the former Irish Glass Bottle site in Poolbeg.

According to The Irish Times, the search for the appropriate partner could begin this week. It is understood the site has the potential to cater for 3,500 homes.

The 25-acre glass bottle site and neighbouring 12-acre land was acquired by An Bord Pleanala in April after Nama seized it from Liam Carroll’s Fabrizia Developments – a boom-time development company.

The two sites have the potential to deliver homes for around 8,000 people with 10% of the stock comprising of social housing and 15% affordable housing.

Up to one million square feet of commercial space as well as a schools and community areas are foreseen.

In it’s quarterly financial report Nama said it “assessing how best to implement the delivery strategy with a view to ensuring housing delivery as soon as practical.”

The old Irish Glass Bottle site was acquired by a group called Becbay in 2006 for €412m but was later seized by receivers appointed by Nama in 2012 with the Fabrizia land taken a year earlier.

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.

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