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NAMA sales in 2014 so far top E5bn

Friday, July 04 14:35:44

NAMA completed sales of more than E5bn so far in 2014 compared to total sales in the full year 2013 oc E3.7bn, the Agency's Chairman Frank Daly said today.

Half of these sales were completed here in Ireland, he told lunch hosted by the Waterford Chamber of Commerce.

"We expect that trend to continue over the remainder of the year," he said.

He added that the agency could also play a pivotal role in providing much-needed new housing stock in Dublin, pointing out that NAMA sites have the capacity to deliver 40pc-50pc of residential demand in Dublin over the next 5 years.

"NAMA will deliver approx. 3,000 new residential units from Tier 1 sites (shovel-ready sites) in Dublin and has capacity for a further 19,000 units from Tier 2 sites (sites with development potential in the short term) in Dublin," he added.

"And on top of all that, Nama can call on an additional 500 hectares of development land, which could accommodate new units in Dublin if we can overcome planning and infrastructure impediments,” he explained.

In addition, Nama has another 1,000 hectares of residentially-zoned lands in counties adjoining Dublin. "Nama ...has no intention of hoarding development land. If a residential development project can break even or do better, then we will fund it," he told the chamber.

Mr Daly also detailed its plans for the Dublin Docklands, where 280,000 sq meters of potential new office space is under the control of Nama. He said the agency is working to "accelerate the delivery” of those offices and "you can expect to see cranes return to the Docklands very shortly”.

For example, Nama is funding the receiver to the Boland's Mill site on Grand Canal Dock to prepare a detailed planning application for a 35,000 sq. metres mixed-use development, with an estimated gross development value of E200 million. It is intended to submit the planning application in early autumn.

In addition, the agency is seeking proposals for the purchase of a leasehold interest in a 2.35 hectares site on North Wall Quay, next to the proposed new headquarters of the Central Bank of Ireland.