• Home
  • NAMA property for sale
  • About
  • The Developers
  • The Tranches

NAMA Wine Lake

Click the green link above for latest news and over 2,600 related articles. NAMA – National Asset Management Agency – part of Ireland's response to its banking crisis and property bubble

Feeds:
Posts
Comments
« NAMA in €50m secret debt writeoff – report
When will Permanent TSB run out of cash? »

NAMA funds work on shopping centre in Taoiseach’s back yard

September 4, 2012 by namawinelake

The people of Claremorris in Mayo are happy today with news that a shopping centre in their town is set to be benefit from NAMA funding. The Silverbridge Shopping Centre is anchored by Tesco with a 50,000 sq ft store, and NAMA is reported to be funding clean-up works on the site including landscaping and laying new footpaths. Mayo is of course An Taoiseach Enda Kenny’s constituency.

The amount of funding from NAMA is not known but it looks modest. It may create a disproportionately large number of winners though – local firm Conway Builders and their employees will benefit from the work and when it is complete, the local economy will further benefit from the clean-up. The work will “send the message that Claremorris is open for business” says the local Chamber of Commerce. Presumably NAMA’s investment will also enhance the value of the shopping centre and related developments, thereby increasing the chances of NAMA getting more of its loans repaid. Win-win-win.

The local business people have some good words for NAMA – “welcoming the news, Chamber of Commerce President Jimmy Flynn, who put the proposal to NAMA in April, thanked the agency for moving so swiftly: “NAMA were positive from the start and when they wrote to us in June, they were already working on the detail with Conways Builders. This is very good news for the commercial fabric of Claremorris”, he said.”

NAMA announced in May 2012 that it would be investing €2bn in the next four years in completing developments in Ireland. The NAMA Act allows NAMA to borrow up to €5bn for such works.

Advertisement

Share this:

  • Twitter
  • Facebook
  • Reddit

Like this:

Like Loading...

Related

Posted in Irish Property, NAMA, Politics | 4 Comments

4 Responses

  1. on September 4, 2012 at 2:06 pm John Gallaher

    Hopefully reduce the vacancy rate too,quick look at the demos and the viability of this project is dubious.
    http://www.irishexaminer.com/business/11-of-business-premises-are-lying-vacant-204866.html


  2. on September 4, 2012 at 3:43 pm john gallaher

    The current site plan shows some revisions to the original,is this NAMA’s much vaunted asset management skills at work,building a pathway……..
    The hotel is gone replaced by “Civic Offices” ……..quite the dilemma here for NAMA,with 17% vacancy rate,do they race to the bottom,or look for alternative uses.But getting ehm Civic Offices here would be excellent asset management,who would pay for new civic offices or is it just marketing nonsense.
    http://www.mol.ie/property.aspx?id=176

    Click to access Silverbridge%20S.C.%20Brochure%202011.pdf


  3. on January 7, 2013 at 1:43 am Or

    So works to be completed by Christmas now either Conway builders or Nama should be ashamed of themselves this area is no longer an eye sore but a danger to the local community over the Christmas break about 70% of the hoarding, which is in a rotted state has blown away onto local roads and into local estates, it’s only a matter time before this is going to cause a traffic accident or some flying debri will hit a passer by.

    Conway builders / Nama do something about this now


  4. on January 7, 2013 at 11:34 am Sahar

    So, the questions are: what is a ‘fund’; and what is an ‘investment’.
    Nama say they are ‘investing’ in the project.
    The local Chamber of Commerce say the town is receiving a NAMA ‘fund’.
    So – when and how are the details of the money given to Conway Builders and when and how are they going to pay this ‘investment’ from NAMA back.?
    Or is this just another ‘aasshurrr, it will only be a ‘minor’ write-off, in 10 years time’.



Comments are closed.

  • Recent Posts

    • Test – 12 November 2018
    • Farewell from NWL
    • Happy 70th Birthday, Michael
    • Of the Week…
    • Noonan denies IBRC legal fees loan approval to Paddy McKillen was in breach of European Commission commitments
    • Gayle Killilea Dunne asks to be added as notice party in Sean Dunne’s bankruptcy
    • NAMA sues Maria Byrne and Graham Byrne in Dublin’s High Court
    • Johnny Ronan finally wins a court case
  • Recent Comments

    Wisemama on Eddie Hobbs’s US “partner” fir…
    Dorothy Jones on Of the Week…
    Sean Bean on Eddie Hobbs’s US “partner” fir…
    John Foody on Of the Week…
    Wisemama on Eddie Hobbs’s US “partner” fir…
    otto on Of the Week…
    Frank Street on Of the Week…
    Wisemama on Eddie Hobbs’s US “partner” fir…
    John Gallaher on Of the Week…
    John Gallaher on Of the Week…
    who_shot_the_tiger on Eddie Hobbs’s US “partner” fir…
    Sean Bean on Eddie Hobbs’s US “partner” fir…
    otto on Of the Week…
    Brian Flanagan on Of the Week…
    Robert Browne on Gayle Killilea Dunne asks to b…
  • Twitter Updates

    Tweets by namawinelake
  • Click on date for that day’s posts

    September 2012
    M T W T F S S
     12
    3456789
    10111213141516
    17181920212223
    24252627282930
    « Aug   Oct »
  • Blog Stats

    • 5,119,620 hits

Blog at WordPress.com.

WPThemes.


Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy
  • Follow Following
    • NAMA Wine Lake
    • Join 1,326 other followers
    • Already have a WordPress.com account? Log in now.
    • NAMA Wine Lake
    • Customize
    • Follow Following
    • Sign up
    • Log in
    • Copy shortlink
    • Report this content
    • View post in Reader
    • Manage subscriptions
    • Collapse this bar
%d bloggers like this: