A group of investors have begun legal proceedings against property developer, Bernard McNamara over a deal to buy the former Irish Glass Bottle site in Ringsend.

The investors, clients of Davy Stockbrokers, are taking the action against Mr McNamara's company, Donatex and Mr McNamara personally for almost €96m.

In November 2006, a consortium headed by Mr McNamara, and including financier Derek Quinlan and the Dublin Docklands Development Authority paid €412m for the 25 acres former Irish Glass Bottle site in Ringsend in Dublin.

The site is reportedly now valued at around €60m.

The investors who loaned funds to invest in the site through Davy Stockbrokers, are suing Donatex and Mr McNamara on foot of personal guarantees given by him.

Donatex is already taking legal action against the Docklands Authority, alleging the authority did not meet its commitments in relation to planning permission on the site.