As the old Moscow Rules say, once is happenstance, twice is coincidence and three times is enemy action. So when not one, not two but three residences of Northern Ireland NAMA developers come onto the market together, it’s noteworthy.
Now, although developer David Agar complained that NAMA wouldn’t be happy until all developers were driving around in Ford Cortinas and living in three-bed semis, the truth is that NAMA seems to be generally relaxed with sub-€1m family homes. Back in 2011, when Neil Callanan was doing a stint at the Independent, he reported “several sources also said that the family home the developers end up in must be worth less than €700,000, or €500,000 in some cases.” The following three Northern Ireland homes wouldn’t seem to break NAMA’s rules, so it is all the more interesting that they are all on the market at once.
First up, we have Malachy Murdock’s residence as presently recorded with the website, company-director-check.co.uk – 40 Greenan Lough Road, Newry, county Armagh, BT34 2PX. The property is on sale through estate agents, Eoin Lawless and this is its listing at PropertyNews.com. It is a substantial five bedroom property on an acre and is being offered for sale at GBP 650,000 (€754,000). Malachy is one of the directors of the Murdock Group, some of whose loans have been transferred to NAMA – specifically, according to the BBC, those in Rathdrum Properties, Murdock Nursing Homes and Clyduff. Malachy’s brother Ciaran Murdock (49) is the main driving force in the Murdock Group, but Malachy (48) is a director.
Next we have Chris Kennedys residence as presently recorded with the website, company-director-check.co.uk – 10 Knocktarna Grange, Coleraine, county (London)Derry, BT52 1HN. The property is on sale through estate agents, McAfee Coleraine and this is its listing at PropertyNews.com. It is a fine 5-bedroom property and is being offered for sale at GBP 525,000 (€609,000). Chris is a director of the Kennedy Group Properties Limited, which is in NAMA.
Fellow director in the Kennedy Group, Daniel Kennedy also has his residence, as recorded with the website, company-director-check.co.uk – 154 Mountsandel Road, Coleraine, county Antrim, BT52 1SW. The property is one sale through estate agents Bensons and this is its listing at PropertyPal.com. It is another fine 5,500 sq ft 5-bedroom detached property on what estate agents on this side of the Border would call a “large site” and it has a price most familiar to estate agents here – “price on application”.
It’s very simple really. There is no commercial future for any NAMAed developer in Ireland (North or South).
Would tend to disagree.There is a future for people who are prepared to work through the present circumstances.We hear plenty of Negative comments about the Agency and Debtors.However most of us are prevented from hearing the positive working relationship that exits between NAMA and its Debtors.
@patrick, I know of no-one that does not accept the fact that they will be screwed by NAMA in the end. That’s what was promised By Lenehan in the beginning and nothing has changed. We just have not got to ticking that box yet.
The Murdocks sold a a cinema and leisure complex in Bury St Edmunds to LaSalle Investment Management for about £10m just before Christmas. They also appear to have recently refinanced their hotels in Reading with Ulster Bank. Some of their BoSI loans were also flogged in one of the Lloyds NPL sales.
Things are looking a bit less rosy for the Kennedys who are facing directors disqualification proceedings over the collapse of their contracting business.
I also take Nama’s ‘no big house rule’ with a pinch of salt: Frank Boyd shows no sign of leaving his 500 acre estate nor does Gerard O’Hare seem to be leaving his 100 acre organic farm.
I know of several instances where the borrowers cooperated fully. In return NAMA made promises but none were honoured. I agree with WSTT, in the end nobody will be left standing. New beginnings on far off shores becon.