Belfast Telegraph

Nama to take on further batch of prime properties

By Margaret Canning

The National Asset Management Agency (Nama) has announced details of more Northern Ireland properties against which it has taken enforcement action.

The Republic's bad bank appoints receivers to certain land and property where it has not been able to conclude business plans with developers, often due to their bankruptcy.

Nama's newest batch of northern spoils includes Windsor House in Belfast, which was bought in 2007 for around £20m by Irish developer Ray Grehan of Glenkeerin Homes and Cavan building firm P Elliott.

Ray Grehan is now bankrupt while receivers have been appointed to the P Elliott businesses.

Also newly on Nama's books are properties at Bridge Street and Blackskull Road in Dromore, Co Down.

There are further units at Tempo Road in Garvary, Co Fermanagh, a residence at Scarva Street in Loughbrickland, Co Down, undeveloped land at Drumnabey Road in Spamount in the same county and land at West Street in Cookstown.

It's understood some of the new additions were part of the portfolio of Sam Thompson, a once-prominent Co Down developer who specialised in one-off luxury houses. He is also bankrupt.

The sale of Rathcairn House, a Sam Thompson property at Blackskull Road in Dromore, has already been agreed.

It's understood the price being paid by the buyers is close to the £595,000 asking price.

Estate agent Michael Rodgers of Rodgers and Browne in Holywood, Co Down, said his firm had been instructed by the receivers.

He said: "Really it represents extremely good value given that the original asking price of the property was around £1.2m.

"It's still a house of unquestionable quality. The value has changed but the quality hasn't."

Estate agent Richard McCulloch of Stanley Best in Magherafelt said the sale of Nama-related houses may force other vendors to adopt "realistic" prices when selling their own homes.

Nama, which was set up to cleanse Irish banks of toxic property loans, has now taken enforcement action over around 150 properties and sites in Northern Ireland, with the loans on those assets having a total value of £3.35m.

Chairman Frank Daly has said it will not engage in "fire sales" of assets in Northern Ireland.