Dublin-listed company South Wharf says one of its subsidiaries has applied to the Dublin Port Company to acquire full ownership of the site of the former Ringsend glass factory. It currently leases the site.
Earlier this year the company was refused permission to use the former glass making plant for warehousing. Following the decision, South Wharf said it was preparing a plan to redevelop the site. The area occupied by the Ringsend site has been rezoned to permit commercial, residential and retail use.
A statement from South Wharf said it had been advised that it was entitled to purchase the fee simple under the relevant provisions of the Landlord & Tenant Acts. Dublin Port is opposing the move, however, and the matter is now the subject of litigation.
It is understood that where a company holding a lease creates a sub-lease, it can acquire the right to buy the fee simple for the property for a multiple of its annual rent.
South Wharf was formed after the demerger of Ardagh Glass.
Shares in the company closed €1.20 cent higher at €3.50 in Dublin this evening - a gain of over 52%.
