Details Of October Allsop Auction Announced

The upcoming Allsop Space investment and residential property auction has been scheduled to take place on October 15th. The event intends to bring 115 properties, with combined reserves of € 11million, to auction.

Mr. Robert Hoban, director of auctions for Allsop Space, advised that the properties will “house the future businesses and enterprises that will support jobs, growth and investment all across Ireland”

He added: “the people who will come here to buy shops, factory units and offices are the people who will work to get Ireland out of its current difficulties”

Of the investment properties up for auction, there are several noteworthy additions, including the 24-bedroom Grant’s Hotel, in Co. Tipperary, which has a reserve range of € 350,000 – € 400,000; along with the 46-bedroom Hilamar Hotel in Co. Westmeath, with a reserve range of between € 285,000 – € 325,000; and the Friary Pharmacy in Co. Tipperary, with a reserve of €200,000.

There are also several, key residential properties of interest including; a four-bedroom house on Phoenix Hill in Dublin 8, with a reserve of €350,000; a mid-terrace house, with sea views, in Blackrock, with a reserve of €250,000; and a full residential estate in Co. Mayo, with a reserve of €400,000.

After announcing the details of the auction, Allsop Space also took the opportunity to reaffirm its pledge not to offer any repossessed family homes at this or any future auction.

Mr Hoban added; “Essentially the purchasers here are buying the cradles of Ireland’s future prosperity”

NAMA Evidence Of Recovery In Commercial Property Sector

Frank Daly, Chairman of the National Asset Management Agency (NAMA)claims that there is significant evidence to suggest that commercial prices in Dublin are rising again, following Ireland’s worst ever property slump.

However, he warned against taking any positive developments too much to heart, remarking: “wile welcome, we should be careful not to jump to the conclusion that this is evidence of a widespread resurgence in the Irish market at this stage”

NAMA was set up in 2009, after commercial property prices crashed by a massive 60%, but, speaking in Limerick earlier this week, Mr. Daly believes: “there’s almost a consensus in fact that recovery is well underway for prime offices and other prime segments in Dublin”

NAMA originally paid out around €32 billion, in special bonds, at huge discounts, to five stricken lenders. These were for advanced loans on office complexes, hotels and shopping centres, all of which were worth a nominal €74.2 billion, equivalent to about half of Ireland’s economic output.

In the intervening years, NAMA has sold off more than €9 billion worth of loans and properties, in the UK and Ireland, and it aims to sell off all harder-to-sell properties, as prices continue to improve across the board.

Mr. Daly also advised that the proposed purchase of unsold loans, in the Irish Bank Resolution Corporation, which the government put into liquidation in February, could increase NAMA’s balance sheet by over 50%.

As per NAMA’s annual report, which was published in May, only about a third of their existing loans were believed to be fully performing, at the end of last year –something which reflected the huge slump in Ireland’s commercial property market.

Mr. Daly confirmed on Tuesday that NAMA plans to help stimulate the Irish property market by injecting €2 billion in finance, to prepare office and residential housing for sale, in particular the development of a car park in The Square in Tallaght, the deal for which has just been made with South Dublin County Council.  

NAMA remains one of the largest, government-owned landlords in Europe.

NAMA To Sell €400 Million Property Portfolio

The National Asset Management Agency (NAMA) has revealed plans to sell two property portfolios, worth up to €400 million, over the coming weeks.

The agency sold its first portfolio, of Irish commercial property loans, in May of this year. Though it is more active in the UK, sales are expected to pick up in Ireland as property prices stabilise further.

NAMA is State owned, and is one of the world’s biggest property groups, having purged local banks of €74 million worth of risky loans.

Earlier in the week, Chairman Frank Daly confirmed that NAMA were planning to invest €2 billion in the Irish property market.

He anticipated that the pace of sales activity, in the domestic market, where over half of its properties are located, will pick up significantly over the coming months.

The sales would be hugely beneficial for Irish public finances, which funded the €32 billion NAMA paid for the loans, while also giving hope for the suffering property market, which is vital for the recovery of the Irish economy.

“We will be bringing two portfolios, prime retail and residential as well as offices, with an estimated value of €350 to €400 million, to the market over the coming weeks,” Daly was quoted as saying, in a speech on NAMA’s website.

“There seems to be an emerging view that the market in general is stabilising and in particular areas is showing signs of recovery. In addition, the nature of investors has matured. There are an increasing number of investors in the market, such as pension funds and real estate investment trusts.”

Daly added that NAMA has generated €13.5 billion in cash, including €9 billion from the sale of assets and loans, since it began buying the bank’s loan books, in 2010, up from the over €12 billion it had generated in June, which he discussed earlier in the week on RTE Radio 1’s The Business.

NAMA To Invest €2 Billion In Irish Property Market

NAMA have confirmed plans to invest at least €2 billion in the Irish property market, by the year 2016, with a view to investing more, if there are commercially viable projects available.

Frank Daly, Chairman of the National Asset Management Agency, advised on RTE Radio 1 this morning, that NAMAhas generated almost €13 billion in revenue since its inception, via rents and disposals of assets and properties.

To date, he said, NAMA has invested €0.5 billion in commercial residential developments, a figure they intend to improve on significantly over the coming years.

On that note, Mr. Daly also confirmed that they have reached an agreement with South Dublin County Council, to buy the car park in the Square in Tallaght, with plans to develop it on an ongoing basis.

This development aims to create an estimated 300 jobs in the construction phase, along with a further 400 jobs, via various retail outlets.