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Sandyford NAMA linked residential site must not be sold to Vulture Funds - Councillor Chris Curran

2 November, 2018 - by Chris Curran

Sinn Féin Councillor for Sandyford Glencullen, Chris Curran has called on Ministers Paschal Donoghue and Eoghain Murphy to step in to prevent the sale of a NAMA controlled site to vulture funds, after the property was advertised for sale yesterday.

Speaking today Councillor Curran said;

"It's utter madness that a state-owned body would be involved in the sale of state controlled land, zoned for housing in the middle of a housing crisis. 

“The site is currently owned by Tivway Limited (in receivership) who recently submitted a strategic housing planning application to Àn Bord Pleanàla for 460 apartments.

"Allowing this sale to continue, NAMA is running the risk that it will end up in the hands of a Real Estate Investment Trust.

“In last months council meeting, I brought the issue to the attention of the Chief Executive of Dún Laoghaire Rathdown Council Council.

“The council's response was that, other than the Part V application, the only option available was to buy the property on the open market.

“NAMA, the government and the council must find a formula that will deliver council owned, affordable and private homes on this site.

“Whilst I accept that NAMA has a responsibility to get the highest return for the Exchequer, I would also remind NAMA of its social responsibility to the people of Ireland.  

“This housing crisis is unprecedented and, therefore unprecedented measures are needed in order to resolve this crisis.

“There is a mechanism under which Dún Laoghaire Rathdown Council Council could obtain this site. 

“DLR Properties Ltd is a council owned special purpose vehicle that already manages a significant property portfolio. 

“With the right focus and political will, the council could become a bidder for this site. 

“I have written to NAMA and both ministers asking them to intervene in this sale and have also put forward a motion to Dún Laoghaire Rathdown Council Council to seek support for options to be explored.

“Vulture funds are not the way forward and to lose this opportunity would be an own goal by the government.”


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