Excessive development land close to towns
“There is an issue in regard to the fabled landbanks on the outskirts of towns,” said Mr Mulcahy, who has extensive experience in the property business and is on secondment to NAMA.
“The fact that a parcel of land might be ripe for development in 20 years’ time does not mean it is worth much today. I expect much of this land to revert to agricultural value; that is what we will pay for it. Unless there is a long-term economic value that can be described, articulated and mathematically proved, there is no way we can assign a greater value to it.”
