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NAMA to select bidder for Poolbeg site by end of March

The National Asset Management Agency (NAMA) plans to have selected a preferred bidder for a controlling stake in the former Irish Glass Bottle site in Dublin by the end of March next year.

In its quarterly update to the Minister for Finance, NAMA said the so-called Poolbeg West Strategic Development Zone (SDZ) could provide up to 3,500 residential units and 1 million sq.ft of commercial development.

A school site and community and public open spaces will also be included in the project.

Last July, NAMA invited interested parties to bid for a majority 80% shareholding in a NAMA group entity, which would ultimately own the site in Ringsend.

The body is seeking bids of more than €125 million for the property.

Earlier this year An Bord Pleanala formally approved plans for the area which had been lodged under a fast-track mechanism.

It has been reported that a number of local and international property groups have submitted offers for the stake.

The quarterly update also revealed that over the six months to the end of June, NAMA recorded a profit after tax of €48m.

The organisation also exceeded its deleveraging targets and generated €500m in cash during the period by selling assets and loans, the report said.

From the end of June to September 20, a further €200m in cash was generated.

That brings to €44.7bn the total amount of cash produced by NAMA since inception.

In relation to its strategic objective of facilitating the delivery of high standard office accommodation in the Dublin Docklands SDZ, NAMA said strategies have been approved for all of its sites in the area and planning permission received.

The Agency originally held an interest in approximately three quarters of all 22 acres of developable land in the SDZ.

In total it expects that 4.2m sq.ft of commercial space and 2,183 residential units will be produced when the sites have been fully developed.

The report also said that NAMA has facilitated the delivery of 14,908 residential units between the start of 2014 and August 2019.

A further 6,248 units are either currently under construction or have secured planning permission.

Sites with a delivery capacity of over 12,932 units are either in the planning system, a planning application is in preparation or pre-planning consultations are underway.

“NAMA is also funding pre-planning and feasibility work on 2 other sites under the control of NAMA debtors and receivers which are estimated to have a delivery capacity of 11,791 units,” it said.

The organisation also claimed to have delivered 2,544 social housing units by the end of June, beating its target of 2,000 units.

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