Farm Ireland
Independent.ie

Thursday 19 October 2017

Nama has sold more development land in Cork than Dublin

Finance Minister Michael Noonan
Finance Minister Michael Noonan

Gordon Deegan

Cork city and county have provided the largest quantum of residential zoned land sold by Nama so far, with over 1,500 acres disposed of since the agency's formation.

In a written Dáil reply to TD Ruth Coppinger, Minister for Finance Michael Noonan confirmed that 5,601 acres have been sold by Nama either through debtor sales or disposal of loan portfolios secured by Nama throughout the country.

Minister Noonan said that the second highest county is Dublin city and county, where sales of Nama residential zoned land totals 1,099 acres.

Minister Noonan said that Nama's advice is that "some of the lands were not zoned, some had been de-zoned by local authorities and many had a mixture of zonings including amenity, commercial, retail, community, educational and green space".

"In some cases, development of the sold lands remains unviable for commercial, planning and infrastructural reasons," he said.

Meath ranked third in terms of the sale of Nama residential zoned land, with 931 acres disposed of.

The next highest sales were in Kildare, where 370 acres have been disposed of, and Wicklow where 353 acres have been sold.

The figures show that Waterford is ranked 6th overall, with 333 acres sold.

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Minister Noonan confirmed that in Galway city and county, 192 acres of Nama residential zoned land have been disposed of, with 266 acres disposed of in Limerick city and county.

The lowest amount of Nama residential zoned land sold on are in Sligo and Leitrim (10 acres), Clare (12) and Kerry (15).

Separately, Minister Noonan confirmed to Deputy Coppinger in another Dáil reply that Nama achieved the sale of 3,383 residential units last year through assets sales by debtors or receivers.

He said that, in addition, the sale of 1,772 resident units was achieved last year through loan portfolio sales by the agency.

However, the figures are down sharply on the sale of Nama-related residential units achieved in 2014. In 2014, Minister Noonan said that Nama completed the sale of 4,734 residential units through asset sales by debtors and receivers.

During the same year, Nama completed the sale of 1,772 residential homes through the sale of loan portfolios.

Minister Noonan confirmed since Nama's establishment it has sold 14,246 residential units through asset sales by debtors and receivers and an additional 6,195 in residential units through the sale of loan portfolios.

He said that a number of multi-unit portfolio sales are included in the figures, namely the Orange portfolio, Rockbrook, the Plum portfolio, Tallaght Cross West and St Edmunds.

"Nama advise that properties which were sold as part of these portfolios were typically already tenanted and vacant possession was not sought prior to the sales.

"Such portfolios are typically acquired by investors seeking long-term rental streams and, therefore, existing tenancy arrangements tend not to be affected by such sales," he said.

Irish Independent