NAMA is now upsetting politicians on an international scale with a report that both a Welsh council and a Welsh member of the British parliament are getting antsy with delays by NAMA in deciding the future of a major development site in the town of Denbigh in north Wales.
The site – owned by British developer, Nathan Kempin’s Cathco property company – was earmarked for a new shopping centre. The local council and their MP are concerned that 200-300 construction jobs and a subsequent 250 retail jobs are being jeopardised by delays in moving the development forward. Cathco is in administration and another company Conygar Investments is seeking to acquire the site.
The local MP Chris Ruane is quoted as saying “it is disappointing that there is still no movement on this site despite there being interest from developers and national companies”
Of course there might be valid reasons for delays on NAMA’s part, and the Agency is mandated to get the best price for property securing its loans, and it’s not beyond the ken of developers to use the media to chivvy NAMA along.
It is remarkable though that we don’t very often hear Irish politicians making their voices heard on stalled NAMA developments here. You could probably count on the fingers of one hand Irish politicians that have spoken out, which is indeed remarkable given the preponderance of Irish developments and property in the NAMA portfolio.