Nama-controlled sites have the capacity to cater for 40%-50% of Dublin’s residential housing demand over the next five years, according to the agency’s chairman.
Addressing delegates attending Waterford Chamber of Commerce’s summer lunch, yesterday, Frank Daly said that the agency is not sitting on its hands and is actively working to help address the capital’s housing supply needs; currently estimated to be around 8,000-10,000 new houses and apartments per year (last year, 1,000 new abodes were built).
“On what we call Tier-1 sites — sites that are shovel ready — we will deliver approximately 3,000 new residential units. Half of these are already under construction.
“On Tier-2 sites — sites with development potential over a short-term horizon — we have capacity for a further 19,000 units.
“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,” Mr Daly said.
He added that in the counties immediately adjoining Dublin, Nama is assessing “the potential for delivery” across 1,000 hectares of residentially-zoned lands.
In his speech, Mr Daly also updated on Nama’s asset sale progress — noting that the agency has completed sales of more than €5bn, so far, in 2014.
For 2013, as a whole, it sold €3.7bn worth of assets. Of the €5bn this year, €2.5bn relates to Irish-based asset sales, with Nama expecting that trend to continue for the rest of the year.
Mr Daly also updated on some of Nama’s Dublin city developments. He said that a planning application for a 35,000sq metre mixed-use development (with an estimated gross development value of €200m) at the Boland’s Mill site, at Grand Canal Dock, is set to be submitted by early autumn.
Nama is also seeking proposals for the purchase of a leasehold interest in a 2.35 hectare site on North Wall Quay, adjacent to the Central Bank’s future home.
The agency is also part of a planning application being prepared for the development of a 50,000sq metre commercial space in Dublin’s south docks areas; while planning is also being prepared for land and property at City Quay and Hanover Quay, in the south docks, with a combined development potential of 17,000sq metres.
Mr Daly added that in respect of Nama’s overall portfolio, further “substantial” investments — up to at least a combined value of €1.5bn — are anticipated over the remainder of the agency’s lifespan.
“That investment will follow where the bulk of our Irish assets are located — the areas surrounding Dublin, Limerick, Cork and Galway,” he said.
“A particular focus of that investment will be meeting the existing and future demand for new office accommodation in Dublin in response to the ongoing expansion of the key financial services sector and the development of new foreign direct investment business and technology hubs.”
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