Monday 26 September 2016

Nama spent millions to fix second McNamara development

Published 09/10/2015 | 02:30

Repaired: The Elm Park development in Dublin
Repaired: The Elm Park development in Dublin

Nama has revealed it has spent millions of euro fixing safety defects in another Bernard McNamara development.

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The work had to be done with the Elm Park office and apartment project on Merrion Road in Dublin.

Nama said it had given approval to a receiver to do the work and the development was now fully compliant with all safety regulations.

The revelation comes amid mounting pressure on Mr McNamara to make a contribution towards the €4m needed to bring his Longboat Quay development in Dublin's docklands up to fire safety standards.

Up to 900 residents there face having to leave their homes next month if work does not begin to fix issues identified by Dublin Fire Brigade.

The developer, who is back in business after emerging from bankruptcy, has refused to make any comment.

Now it has emerged there were also considerable problems with Elm Park - a development involving two office blocks, 300 apartments and 110 senior-citizen housing units.

It is thought Mr McNamara owned as many as 30 of the apartments himself before going bust.

In a statement to the Irish Independent last night, Nama confirmed work had been necessary at Elm Park. "Following the appointment of a receiver to Elm Park, Nama agreed to support an extensive series of building works to tackle shortcomings in the infrastructure of the development," it said.

"At all stages the receiver who commissioned the work liaised with the relevant authorities and no residents or tenants in the development were at risk as a result of rectifying shortcomings in the development while the work was in train.

"While Nama will not disclose the cost of the investment it approved for this work to be undertaken by the receiver, the agency can confirm that as a result of this work the entire development is now fully compliant with all relevant regulations and has been certified as such by the relevant authorities."

Nama chief executive Brendan McDonagh alluded to the work at a hearing of the Dáil Public Accounts Committee last week, saying millions of euro had been spent fixing "serious issues" at a development.

However, he didn't identify the development at the time.

Mr McDonagh said the issues with the development had been fixed "to the satisfaction of Dublin City Council fire department".

He said that the agency had allocated more than €100m "to fix fire and other issues in assets we acquired from debtors when problems became known".

Irish Independent

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