Oireachtas Joint and Select Committees

Thursday, 18 December 2014

Public Accounts Committee

National Asset Management Agency Financial Statements 2013

12:10 pm

Photo of Joe CostelloJoe Costello (Dublin Central, Labour) | Oireachtas source

I wish to explore one other matter, namely, the strategic development zone, SDZ, which is located in the docklands and encompasses North Lotts and the Grand Canal Basin. This is a new departure. NAMA will be embarking on joint ventures in the context of development. The witnesses have referred to the fact that there are 3.5 million sq. ft. of property and office space in the SDZ. They have provided an outline of how €1.5 million has been channelled into various developments. Hanover Quay is located within the SDZ, but the site on Sir John Rogerson's Quay, to which Deputy Mary Lou McDonald referred, was dealt with prior to the establishment of the zone. Between 2012 and 2014, the site increased in value from €7.5 million - the amount for which it was sold - to €17.75 million. Surely the value of properties located within the SDZ is going to increase dramatically as a result of the fact that they are to be developed by NAMA in a coherent fashion. It is very desirable that there is going to be such development. Are the witnesses in a position to explain how 16 Hanover Quay, located in the SDZ and the total area of which is 6,000 sq. ft., is in the process of being sold by the Dublin Docklands Development Authority for €450,000? An insurance company recently placed a value of €600,000 on this site which is probably worth millions. Does NAMA have any control over matters of this nature? It is taking over from the Dublin Docklands Development Authority and will be carrying out the developments to which I refer in conjunction with Dublin City Council. However, the property on Hanover Quay which is smack bang in the middle of the SDZ and which was not sold in 2012 is now being sold. Is there not something very unusual about this process?

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