South Wharf is drawing up a "master plan" for a mixed development at its contentious 25-acre site at Ringsend in Dublin.

The company, formerly called Ardagh, said yesterday that it believed a "high-quality sustainable development" on the property would be in the best interests of the citizens of Dublin.

South Wharf intends to present the plan to Dublin Port when it has been completed with a view to finding some "mutuality" on the venture, according to a company spokesman.

The company's site, which previously housed the Irish Glass Bottle Company, lies in an area which was recently rezoned to allow commercial, residential and retail use.

South Wharf holds the site on long lease from Dublin Port, which has in the past refused to allow the company to change the use of the property from manufacturing to warehousing.

The new plan will take into account Dublin City Council's proposals for a residential and commercial quarter at Poolbeg, according to South Wharf.

The company acknowledged, however, that realisation of its plans will require the permission of its landlord.

South Wharf said it will seek to use its warehousing assets "in a commercially viable manner" if the master plan does not find favour with Dublin Port.

The company is currently only using part of the site for an agency glass sales business.

Results released by South Wharf yesterday show that trading losses climbed last year from €1.02 million to €1.39 million.

The company said its glass sales business should be able to grow in the coming year as new capacity comes on board from Ardagh and other suppliers.

Sales for 2004 fell by 74 per cent to €851,000.

Shares in South Wharf closed unchanged at €2.49 last night.