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NAMA HAS ANNOUNCED its first ever offering of retail parks, consisting of five different properties.
It is hoped that the portfolio will sell for in the region of €110 million.
At more than 258,000 square feet, the largest of these is the M1 Retail Park in Drogheda, Co Louth.
It currently earns €2.8 million per year in rent, and also has 31 acres of zoned land.
However, 60% of the value of this Nama portfolio comes from the second largest park.
A significant part (203,170 square feet) of Carrickmines Retail Park in south Dublin will be put up for sale at a value of roughly €66 million. Agents for the sale, CBRE and DTZ Sherry Fitzgerald, have stressed the site’s low vacancy rate of 7.6%.
The three other parks included are:
Nama recouped more than €800 million that debtors had transferred beyond the agency’s reach, it was revealed earlier this week.
Two thirds of which was in property were property, while the remaining third was mostly comprised of share portfolios as cash.
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Boom-bust-boom-repeat….
Why not maintain them and take in the rents?
They weren’t supposed to perform that roll.
Better the taxpayer recoup their money.
They recently announced a plan to do exactly that, but they’ll be choosy as to what they hang onto.
Selling at a bargain basement price, property sharks to make a killing from the new property boom.
I know they were set up to recoup the money that was given during the bail outs of the banks but when NAMA ssems to be pretty profitable why don’t they hold onto these properties long term and NAMA can move over to the pensions reserve fund when the bail out money is returned providing income for the fund in perpetuity. After all it was raided for the ball out too and every so often they start banging on about a pensions timebomb so maybe this is the solution.
Carrickmines is busiest retail space in Dublin I would swear. It’s always busy every day of the week.
N.A.M.A. …. They have as much respect for the law as the Israeli have for the U.N .
Still they’re all together in a nice little nest ….
Is there anything not in Nama?
It seems to be the equivalent of a Govt 1 Euro shop at this stage.
“Four Lakes Retail Park in Carlow, a site with a high vacancy rate… but there is a drive-thru Supermacs at the entrance.”
Somebody fetch me my chequebook, they have a Supermacs!
The best thing about that place is that due to all the vacancies you often have the whole car park to yourself to enjoy your Supermacs in peace.
Why are these properties not being offered to the tenants first? They are being sold at a knock down price yet the tenants are expected to pay boom upward only rents. Then we wonder why things are so expensive, wonder why small/medium bushiness go bust? These properties would realise more for the state if they were offered this way. The same with all the housing in NAMA. I don’t think rents would be as high as they are and another property bubble forming if housing was also offered this way to the general public.
Ok,
How can we have competition in property markets if 5 retail parks in various locations are to be sold to 1 buyer?
WHAT ABOUT THE WATER CHARGES FOR O A P
have your say