On Tuesday last, the Claremorris Chamber of Commerce praised NAMA for the prompt way in which it handled plans to clean up the site of one of NAMA’s shopping centres in the town, and yesterday one of the NAMA Top 10 developers, Ballymore told the UK magazine Property Week “people perceive NAMA as being a negative thing, but in our experience it’s a professional relationship. It continues to be very supportive” Two positive assessments of NAMA in a week, what is the world coming to?!
Ballymore’s John Mulryan, son of Sean Mulryan, was talking to Property Week (available with free registration) about the company’s development in Wandsworth in south west London, next to the Battersea Power Station site which NAMA recently sold to Malaysian outfit SP Setia. The Ballymore development is called EmbassyGardens and its plans are well advanced to build a development consisting of shops, offices, hotel and 2,000 new homes. The first residential development on the 15-acre site was called “Ambassador” and 90% of the 314 apartments have already been pre-sold, many to Asians apparently. And Ballymore is reportedly getting GBP 950 psf (€1,200) for its apartments, which is not bad at all for what is far from being a prime residential area.
NAMA looks set to get a return from the development at EmbassyGardens, and Property Week repeats the claim that Ballymore has already repaid a “considerable” amount from the €1.5bn original par value owed to NAMA.
Ballymore and Sean Mulryan are widely seen as one of the “saved” NAMA developers, and the betting is that Sean Mulryan is one of the three NAMA developers getting a €200,000 salary – though you should always bear in mind with NAMA salaries that these might be dwarfed by profit-share agreements.
Ballymore will be one of the first to agree a deal with NAMA that will see them restructuring their loans and refinancing out of NAMA in approximately 5 years. In the interim NAMA will facilitate the continuing funding of Ballymore developments.
Is the Nama/ Ballymore love-in simply to do with the fact they have a portfolio so heavily weighted towards good quality London? Is anyone else in a comparably good position?
For example I know McAleer and Rushe have agreed 5-year money with Nama but it looks a tougher slog for them because so much of their portfolio is in the English regions.
@JP, the relationship between NAMA and Pat Doherty (of Harcourt and the Titanic centre fame) is also reported to be sound with a plan agreed for a few years. Pat’s Wyndham Hotel in Chelsea came on the market earlier this year, but there is little evidence of NAMA pressuring a sale.
http://namawinelake.wordpress.com/2012/03/05/luxury-london-hotel-associated-with-nama-put-on-the-market-for-e100m/
Also Joe O’Reilly and Michael O’Flynn are said to have approved business plans
http://namawinelake.wordpress.com/2012/04/14/the-nama-top-30-developers-where-are-they-now/
Have seem Annual Return/Account Details of Property Development Company in North West that is engaged in the Nama Process with Loans in excess of 50 m transferred to Nama,Business plan submitted but uncertainty over companies ability to Continue as going concern,Personal Guarantees for Directors amount to 2m each with life assurance policy,No Mention of Remunerations for directors strange,Dealing with Non NAMA bank(NIB/Ulster Bank)
Would Post details of reports but unable
http://www.independent.ie/business/irish/ballymore-dumps-noncore-assets-for-nama-plan-3341536.html
Interesting again the payments to Directors
@Patrick, thanks, there will be a blogpost on this by tomorrow, NAMA was asked for comment and am awaiting response.
Any Luck Uploading Gannons Accounts?
Keep up great work Folks