Nama quizzed on client’s objection against proposed €50m Cork development

Nama has been asked to clarify its position on a planning objection lodged by one of its client firms against a €50m Cork City office block which has the potential to deliver 2,000 jobs.

Fine Gael TD Dara Murphy said he would be concerned if it emerged that Nama supports the objection lodged against the Albert Quay scheme by Monahan Road Development Ltd, whose €26m loan book has been transferred to Nama. “I would be hugely critical of Nama were they found to be objecting to this development on behalf of their clients,” he said.

Last month, Cork City Council granted planning permission to commercial property developer John Cleary to develop the nine storey office block on Albert Quay. The proposed 200,000sq ft building was due to be completed in late 2015.