Nama not selling despite demand

Though most estate agents say the number of family homes for sale in south Dublin falls short of demand, they probably shouldn’t rely on Nama to help sort out the problem – at least not in Dublin 4.

The State asset manager is refurbishing a terrace of eight houses at the front of Bernard McNamara’s Elm Park office and apartment development on Merrion Road but, alas, they will not be put up for sale. Seven of the two-, three- and four-bed houses, which would easily sell for €400,000 to €450,000 each, are instead to be offered for rent through Savills while the eighth house – formerly occupied by a bishop – is being converted into a cafe.

Nama is apparently of the view the houses will be worth more in a few years’ time and plans to rent them at about €2,000 to €2,500 a month. To ensure the lettings work, Nama has even cleaned up the overgrown gardens to let tenants sunbathe in comfort.

Residential lettings will be nothing new to Elm Park, as more than 300 apartments (mainly two-beds) – that
McNamara had planned to sell before the crash – rent at an average of €1,400 a month.

Indeed the demand has been so strong that Nama is fitting out 18 spacious penthouse suites that have lain idle for at least five years.

Peter Coyne of receivers RSM Farrell Grant Sparks is also looking for an operator to take on an indoor swimming pool and fitness centre on site as well as a small conference centre. The last challenge will be to find tenants for three of the four office blocks that remain empty.