NAMA equiped to ease Dublin housing shortage

NAMA has completed sales of more than €5bn this year so far thats in comparison to the total for 2013 of €3.7bn, the Agency’s Chairman Frank Daly has stated.

Ireland accounts for almost half of this turnover Mr. Daly was speaking at a lunch hosted by the Waterford Chamber of Commerce on Friday.

“We expect that trend to continue over the remainder of the year,” he said.

Mr. Daly went on to state that NAMA is equipped to help ease the Dublin housing shortage, pointing out that NAMA sites have the capacity to deliver 40pc-50pc of residential demand in Dublin over the next 5 years.

“NAMA will deliver approx. 3,000 new residential units from Tier 1 sites (shovel-ready sites) in Dublin and has capacity for a further 19,000 units from Tier 2 sites (sites with development potential in the short term) in Dublin,” he added.

“And on top of all that, Nama can call on an additional 500 hectares of development land, which could accommodate new units in Dublin if we can overcome planning and infrastructure impediments,’ he explained.

In addition, NAMA has another 1,000 hectares of residentially-zoned lands in counties adjoining Dublin. “NAMA …has no intention of hoarding development land. If a residential development project can break even or do better, then we will fund it,” he told the chamber.

Mr Daly also detailed its plans for the Dublin Docklands, where 280,000 sq meters of potential new office space is under the control of Nama. He said the agency is working to “accelerate the delivery’ of those offices and “you can expect to see cranes return to the Docklands very shortly’.

NAMA is currently funding the receiver to the Boland’s Mill site on Grand Canal Dock to prepare a detailed planning application for a 35,000 sq. metres mixed-use development, with an estimated gross development value of €200 million. It is intended to submit the planning application in early autumn.