Belfast Telegraph

Nama takes control of 10 new sites across Ulster

By Margaret Canning

The Republic's 'bad bank' has taken control of a further 10 sites in Northern Ireland, most of which belonged to a bankrupt Co Antrim developer.

Nama yesterday published a fresh list of 16 sites against which it began enforcement action in the month to August 31.

At least seven of the properties belonged to Mervyn McAlister, who went bankrupt this year.

The agency, which was set up to cleanse the Republic's banking system of 'toxic' property loans, now controls over 80 sites north of the border.

Two sites in Dungannon, Co Tyrone - at Killyman Road and Tamnamore Road - have also come under Nama's jurisdiction.

Mid-Ulster Sinn Fein MLA Francie Molloy said: "It's unfortunate that these sites have been allowed to go into Nama because there is a big social housing need in Dungannon."

According to yesterday's list, sites formerly belonging to McAlister Construction and which are now in Nama are located in Quay Road, Clare Road and Ramoan Road - all in Mr McAlister's home town of Ballycastle.

A site on south Belfast's Ormeau Road and another in Tullyview, Loughguile are also now in Nama, according to yesterday's list.

Allied Irish Banks (AIB) appointed receivers to the properties in Ballycastle, Loughguile and Belfast last month.

Keenan Corporate Finance, which is acting as receiver over all the Northern Ireland properties on yesterday's list, was not available for comment.

The Belfast property which belonged to Mr McAlister is the former Motoglass site on the Ormeau Road, which is currently let to a retail business.

Nama has taken on loans worth £3.5bn which relate to property in the province. Not all of these will be subject to enforcement action.