By my reckoning, the news today that NAMA has sold 15 apartments in the Scotch Hall complex in Drogheda for €1.4m to Tuath Housing Association brings to a total of 17 dwellings sold by NAMA since Minister for the Environment Community and Local Government Phil Hogan’s gushing announcement of 2,000 NAMA homes for social housing last December 2011. But it’s a start…
The Scotch Hall complex was developed by Gerry Barrett’s Edward Holdings, and there are presently two apartments on offer on DAFT at the complex, a 1,000 sq ft 3-bed apartment with an asking price of €195,000 and an 800 sq ft 2-bedroom apartment with an asking price of €165,000. The Property Price Register shows only one sale of an apartment in the complex since January 2010, and that was Apartment 12 which sold for €127,753.30 in August 2010. NAMA’s sale of 15 apartments for €1.4m works out at an average of €93,333 apiece, somehow I think we’ll see the asking prices in DAFT coming down….
We found out yesterday that NAMA is selling an average of six properties a day with an average individual value of €1.3m – so today, NAMA has exceeded its average by volume but is considerably down by value.
UPDATE: 14th November 2012. It is being reported today that NAMA is to invest €20m in the development of Scotch Hall over the next two years, which will see a new 8-screen 1,500 capacity cinema, shop units and a food court. Local Labour Party TD, Deputy Gerald Nash has welcomed the news.