NAMA’s €454m property portfolio in Limerick

Anne Sheridan

Reporter:

Anne Sheridan

PROPERTIES in Limerick account for €454 million of the Irish property portfolio managed by the National Asset Management Agency, the ‘bad bank’ has confirmed.

PROPERTIES in Limerick account for €454 million of the Irish property portfolio managed by the National Asset Management Agency, the ‘bad bank’ has confirmed.

For the first time, NAMA has disclosed a county-by-county breakdown of property in their annual report, showing where the bulk of their seized acquisitions now lie.

In all, the Irish portfolio property accounts for €17.5 billion, with Limerick properties accounting for just 2.5% of their hold. Of that sum, close to €11 billion in property is located in county Dublin and a further €2 billion is in Cork.

The agency’s €11 billion portfolio in Britain includes approximately €6 billion located in London, with a further €1.3 billion in Northern Ireland. The portfolio also includes approximately €1 billion of property located in Germany, or 39% of its overseas assets, and more than €400 million in the US.

By comparison, Galway has more than €800m worth of property on NAMA’s books, and Kildare, Meath and Wicklow also have a substantially higher value of properties than Limerick.

However, the values of the properties were determined in 2009, and the value for Limerick does not account for properties outside of Ireland seized from local developers.

The 157-page report reveals that the agency made a profit of €247 million after tax in 2011, with Brendan McDonagh, chief executive, saying 2011 was a year of great progress for NAMA. Now for the first time, a simple search on its website reveals what enforced properties in Limerick are for sale and how much they can be snapped up for. Two NAMA properties in Limerick have been sold in recent weeks, including a 2.6 acre site on the Golf Links Road in Castletroy. Valued at €450,000, it sold within the past week and includes planning permission for eight three storey Georgian style semi detached properties.

After a major revamp of the state agency’s website, the updated list of properties in its possession can be quickly scanned to find bargain buys in any part of Limerick, the country and the UK. Previously NAMA just disclosed a list of properties in its possession, and did not reveal the sale prices of these acquisitions. At present only properties in the Republic, Northern Ireland and Britain can be found in the online database. Amongst those up for sale in Limerick include major development sites, such as an 8.5 acre residential development site at Blackabbey Road, Adare for an unspecified sum, and a development site in Evanwood, Castletroy, valued at €3.25m.

Part of a residential development in Coolbawn, Castleconnell, is for sale for an unspecified sum, and includes planning permission for 69 units, 31 of which have been constructed. Again in Castleconnell, there are four-bed semi-detached houses in Castle Rock for €208,000.

Elsewhere in Limerick there are a number of units in Coonagh Cross to buy; student apartments in Brookfield Hall, Castletroy, for €100,000; and units at Daar River Walk in Newcastle West, with two and three bed houses available from €90,000, and houses in Blackabbey, Adare for €290,000.