NAMA behind 70pc of the vacant Docklands sites
The National Asset Management Agency (NAMA) has confirmed that it has an interest in 70pc of development land in the Dublin Docklands area.
The prime development land has become increasingly important for the agency as it gears up to spend a budget of €1bn a year earmarked for construction projects over the next two years.
NAMA has previously said it thought there was a need to develop large-scale, high-end office blocks in central Dublin to meet the future demand from foreign investors.
However, NAMA chairman Frank Daly told the Docklands Business Forum that the agency was also examining the possibility of backing residential development in the Docklands – to avoid a situation where the area is busy by day but empties out at night.
Even with much of the district developed, his agency has an interest in 22 hectares of development sites – making it the dominant landowner in the area.
NAMA's interest in the area include sites under the control of the liquidators of the former Treasury Holdings business empire and properties seized from high-profile developer Harry Crosbie.
The agency was also handed a number of properties on both sides of the river last year by another state body, the Dublin Docklands Development Authority, in exchange for writing off debts which were mostly associated with the authority's disastrous investment in the Dublin Glass Bottle site in Ringsend.
Two-thirds of the available land in the Docklands area has already been developed – including the existing IFSC developments that house branches of international banks and insurance houses on the north side of the Liffey, and the gentrified Grand Canal docks on the south of the river where Google and Facebook have large offices.
The remaining property in the area is mostly a mix of so-called brownfield development, where old buildings have already been levelled and derelict or semi-derelict warehouses.