NAMA isn’t saying, but according to RTE, the owner of the 63-house Glendale Estate in Tullow in Carlow was Glendale Estates Limited. And according to Iris Oifigiuil, the receiver, Jim Hamilton of BDO Ireland, was appointed to Glendale Estates Limited was at the behest of AIB in February 2011. AIB is one of the five NAMA participating institutions and the property in Tullow is a development property if ever there was one, which would place it in NAMA’s remit. Not only that, but the owners of Glendale include Anton Hunt and Paul Collins, and NAMA recently had receivers appointed to companies owned by these individuals eg Camion Developments Limited, Neidin Developments Limited.
On the other hand, the property is not apparently listed in the latest NAMA enforcement list, but as we have seen in the past, that list is riddled with errors.
The 63-house estate would have been worth €12.6m-plus at the peak if each of the 63 houses were fully completed and sold for €200,000 apiece. As it happens, the homes need kitchens, but will apparently still fetch €100,000 today when completed. There is also planning permission for an additional 58 homes on the 14-acre property.
What did the property sell for yesterday? €640,000 in an auction by DNG at the Shelbourne hotel in Dublin – the sales listing is still available from the DNG website. The guide price was €150,000 but six bidders are said to have driven the price to €640,000, and about 20 punters/gawkers are said to have attended the single Lot auction.
Who bought the property? This is where it becomes more interesting if this was indeed a NAMA sale. The buyer is reported to be “in trust on behalf of an anonymous buyer”. In other words, it could be anyone including a “defaulting debtor” as proscribed by the NAMA Act.
NAMA was asked if this was one of their sales, and more generally, what controls it has in place to prevent property being bought at auction by defaulting developers.
There has been no response from NAMA.