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”.