NAMA pushes sales of properties in Limerick

Anne Sheridan

Reporter:

Anne Sheridan

FOR THE first time, a simple search on the website of the National Asset Management Agency will reveal what ‘distressed’ properties in Limerick are for sale and how much they can be snapped up for.

FOR THE first time, a simple search on the website of the National Asset Management Agency will reveal what ‘distressed’ properties in Limerick are for sale and how much they can be snapped up for.

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.

While not all prices are currently available, the new online property catalogue now includes details of the sales agents for these properties.

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; certain units in the Clarion Hotel and the Maldron hotel in Roxboro. In the county, there are 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.

Another first for the agency is that their recent annual report includes a county-by-county breakdown of the value of the properties used as security for its loans. Limerick accounts for €454 million, or about 2.5% of NAMA’s total Irish portfolio and 1.4% of the total NAMA portfolio worldwide. The 157-page report reveals that the agency made a profit of €247 million after tax in 2011. Brendan McDonagh, chief executive, said 2011 was a year of great progress for NAMA. “The agency made a profit for the taxpayer. We successfully completed the first phase of our operations – acquiring loans from participating institutions.”