Thursday 23 November 2017

Elm Park yet to be valued for NAMA

A section of the Elm Park development at Merrion Gates,
Dublin 4, where Bernanrd McNamara was the major player
A section of the Elm Park development at Merrion Gates, Dublin 4, where Bernanrd McNamara was the major player

Emmet Oliver

Elm Park, the giant Dublin 4 development previously owned by Bernard McNamara, has yet to be valued more than six months after it was seized by NAMA.

The complex, one of the largest on Dublin's southside, was developed by McNamara's Radora Developments, but large sections of it are empty, although insurer Allianz is a tenant there.

Jones Lang LaSalle in its most recent sales list says the complex is available for sale "in its entirety''.

The scheme was part of a receivership last November awarded to Farrell Grant Sparks, on behalf of NAMA.

The lender to the project was Anglo Irish Bank and it was reported McNamara himself owned a large number of apartments at the complex. According to a receiver's report, the value of the complex is still "pending''.

Farrell Grant Sparks declined to respond to an email and phone call about the site. The valuation will be difficult as few properties in the Dublin 4 area of that scale have been sold in the past two years.

Some of the residential parts of the complex have been let, but the development is showing the signs of being unoccupied.

NAMA's mandate to the receivers is not known. No reference to the site being for sale is included on the Farrell Grant Sparks website.

A recent list from NAMA on properties it has enforced against made no specific mention of the site, although there was a reference to properties on Merrion Road, where the site is situated.

The contractor behind the original site was Michael McNamara and Co, McNamara's building firm.

NAMA is currently sitting on a huge portfolio of commercial property all over Dublin and the rest of the country. While there have been sales -- like Treasury Holdings' Montevetro Building -- progress has been slow and the agency has been concentrating on completing transactions in the UK, where prices have been more stable.

Later this year NAMA will try and encourage more buyers into the commercial market here by offering so-called staple finance options, where NAMA will effectively act as a type of lender.

Irish Independent

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