The much-anticipated list of properties controlled by NAMA which have been subjected to enforcement action, has just now been published and is available here .
You should note that the properties might not necessarily be for sale and also that the entire property shown at an address might not be subject to enforcement. The website addresses of the receivers are provided, and presumably it is the receivers you might contact in the first instance with queries or expressions of interest.
The properties, around 500 in all, include houses, offices, development land, agricultural land, hotels, pubs, industrial buildings and shops in Ireland, Northern Ireland and Great Britain.
I can’t immediately see Derek Quinlan’s art collection, so I guess the list isn’t complete, but it is certainly an impressive start to NAMA providing transparency in its disposal process.
UPDATE: 30th July, 2011. NAMA is adamant the list is correct as at the 6th July, 2011. In other words, the agency has NOT omitted properties in other countries nor has property been omitted for any foreclosed developer. The property shown is real estate property and NAMA doesn’t have plans at present to produce details of non-real estate property which it controls – those seeking details of fine wine or art collections, not to mention planes, helicopters and yachts will not find them in NAMA’s list. A query has been submitted to NAMA as to the logistics of the monthly update, and this post will be updated with any response. Updates will be reported here, and you can subscribe to this blog by clicking on the option to the right of this entry. I get the impression that NAMA is monitoring the experiences of potential bidders in dealing with receivers so your comments are helpful to all concerned.
UPDATE: 1st August, 2011. Gavin Sheridan at thestory.ie has both mapped the properties shown in the document produced by NAMA and also extracted the properties into a spreadsheet which can be searched and manipulated. Whilst NAMA may in future make their monthly publication of enforced properties available in a more flexible format, Gavin has done the work of converting the first month’s enforcement list. Both the mapping of the NAMA properties and the spreadsheet are available here.
NAMA Wine Lake 
BBC have some details on the Northern Ireland list: includes Mervyn McAlister, Sam Thompson and McDaid Developments. If you look at some of the cases in Donegal and Longford which are being handled by KeenanCF they are also McDaids.
Further to the Northern list: the wreckage of Lavelle and McAlinden, a former Taggart site in Templepatrick, the former HQ of Kennedy Concrete and the Ramparts bar in Coleraine.
Link: http://www.bbc.co.uk/news/uk-northern-ireland-14322503
Having visited the websites of 3 receivers there is no mention of the NAMA properties.What is the secrecy?Could it be that a great fear of the dreaded 90 to 95% drop from peak is imminent and a figure of an average value of €200,000 is now being placed on the properties by NAMA themselves to avoid the inevitable.
NAMA published today. Goodness, relax. It’s rather early for conspiracy theories.
Are we certain the list is definitive? Here’s why I ask:
Earlier this week we learned that Nama had sold the long lease on a Scottish shopping centre to La Salle. Nama was selling because they’d taken action against the owner, Jermon.
Jermon is in administration, related companies are in liquidation. So basically its entire portfolio is subject to enforcement. And it is a big portfolio, stretching from Dungannon to Poland with a face value of several hundred million euro.
A few properties have been sold but far from all of them. So why aren’t they on the list?
It would be interesting to put a current value on this lot. We would then have an idea of the true cost of hubris.
@NWL
A few questions for your goodself and economics specialists interested in this topic. Will the sale of any of these properties do any of the following.
1. Increase employment?
2. Reduce employment?
3. Directly result in any additional investment in the economy, other that the transfer of the money from seller to buyer?
4. Add to GNP?
5. Bring money into the country?
6. Have any effect other than on MAMA ‘books’?
The government must immediately tell NAMA to change course, if it is to be of benefit to the economy.
The pursuit if the existing ‘sell the properties at any cost’ policy is starting and will continue to be an unmitigated disaster for the economy with no benefits whatever accruing to the economy. In fact NAMA policy is now a destructive force within the economy.
Keynes advice fo ‘ when the facts change, I change my mind’, needs to be applied to NAMA.
@Joseph,
The properties are quite diverse. Some may increase employment eg development property where development has stalled with funds having run out. Will buying a house increase employment, probably not but it probably won’t reduce employment either. Look at the properties yourself and apply some common sense. Remember that in the case of commercial property there may already be a tenant/management company in place and nothing will change woth the sale except a new landlord will collect the rent.
Some properties in Ireland may attract investment, eg buildings awaiting development eg Liam Carroll HQ.
Will the sales add to GNP? Yes. And in addition some sales will result in a benefit to the Exchequer with VAT and stamp duty.
Yes, some sales are likely to bring foreign money into Ireland.
Don’t understand your next points. NAMA has not pursued a “sell at any price policy”, in fact NAMA hasn’t really pursued a sell policy at all.
The points I am and indeed have been trying to make for some time is this.
1. The sale (or transfer of ownership) of any property does not of itself increase employment.
2. Neither does the sale of a semi completed property unless sold with the proviso that it must be completed within a time frame.
3. There is no guarantee of foreign money coming into Ireland to fund these purchases.
4. The last think that is now needed is sales of properties at distressed prices to people whose only objective is to hold them for one, two, five, ten, fifteen years until the market recovers so that they can flip them.
Regarding the last point “sale at any price policy”, we will have to agree to differ.
It is my opinion that the Google building and other completed buildings would have yielded far more to lease/rent that on a straight sale.
The real question is this.
Is NAMA policy to sell the properties as distinct from renting them being driven by a forced deleveraging requirement dictated by the ECB?
My belief is that the sell policy is being dictated purely on deleveraging grounds and makes no commercial sense.
That is why I say that NAMA has now turned into a destructive force in the Irish economy. It may not wish to be a destructive force but if it pursues or is forced to pursue a policy of assets sales into a hopelessly distressed market, then it is and will be a destructive force.
NAMA must have the courage of its convictions to do the right this by the country, not the right think by the ECB and its Irish puppydogs.
There was absolutely no point whatever in having NAMA, if it cannot hold on to properties for a reasonable time period.
Just to say that the Property Auction of Distressed Property resulted in One Sale out of 40,with single selling price of below 25000 for a Holiday home in the Greencastle area.even with a very large attendance of 200-300 people.resulting in just one sale would seem to suggest that the market at present still has a way to go in terms of reality with pricing to entice people to become active
@Patrick, thank you very much indeed for that comment. The auction Patrick is referring to is one in Letterkenny yesterday where 40-odd properties were for sale. The catalogue is here.
http://www.easy-let.org/
And a short entry has just now been posted here
https://namawinelake.wordpress.com/2011/07/29/%E2%80%9Cknock-down%E2%80%9D-property-auction-in-donegal-sees-one-property-out-of-40-sold/
I noticed for the first time yesterday that NAMA admitted to the Troika’s involvement in the NAMA process. On page 13 of Brendan McDonagh’s presentation it clearly states that the Department of Finance and the Troika are behind the target of €7.5bn repayment by 2013. It states what we all knew already, but I think this will put more pressure on NAMA to sell then what we are aware of.
@Banama
I knew it. NAMA is being forced into firesales by the ECB in order to deleverage, so that the ECB can get its money back more quickly.
Another economically insane policy being forced on this country by the ECB. The ECB seems hell bent on the destruction of this country and those of the peripherals.
Will the ECB have to fully destoy the country before somebody tells them to take a hike?
Helena,it is precisely because of relaxation that we got into the property bubble with extortionate mortgages being repaid on properties which were patently overvalued.Why should a Govt. body issue a guideline price of an average of €200,000 for distressed properties which should only be 2.5 times the average industrial wage of about €75,000.This largely was the average multiplier cost which obtained between the years 1959 and 1996 for a 3 bed semi.Nama would do well to heed the advice of Dan White “Evening Herald” of 28th July who said “Nama should keep its nose out and let house prices continue to fall”
hi i raang pwc .co.uk they are down as receivers for pubs in seaham and sunderland they say tyey have nothing to do with sale of them they said contact company selling same sean
@sean, interesting contribution. Did PwC say that the properties were for sale? When you say the “company selling same”, who do you mean? Has PwC appointed an estate agent to handle the sale? Or do you mean something else?
A few questions about the list have now been received, either via comment or private message and I will assemble those questions later today and put them to the NAMA spokesman and publish the response as an update to the above entry.
For obvious reasons, it is not at all in a receivers interest to sell off an asset under its ownership/control.
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Leitrim most impacted by ghost estates…but nothing listed here for Leitrim, seems strange, no?
@Macb, remember this list of 847 properties is but a small fraction of the 16,000 that NAMA controls. These are just properties on which NAMA has taken enforcement action (normally appointing receivers). The vast majority of NAMA loans have not been enforced and the original borrowers (developers) continue to own and manage those properties.
Also, whilst NAMA has taken over all land and development loans at Anglo, INBS and EBS there is a minimum loan threshold of €20m at AIB and Bank of Ireland.
A little out of date but some interesting points
http://www.bloomberg.com/news/2010-04-14/fdic-selling-busted-bank-loans-on-terms-that-make-it-hard-to-lose-money-.html