NAMA selling 16 properties for £2 million

Published: 4 Oct 2012 13:000 comments

A SEIZED property portfolio worth over £2 million in Fermanagh has gone on the market this week.

Tullana Grange, one of the properties for sale.

A SEIZED property portfolio worth over £2 million in Fermanagh has gone on the market this week.

All 16 NAMA (National Asset Management Agency) properties, for sale by private treaty, were repossessed from the ill-fated house building firm, GP Williams Limited, at the end of last year.

Local estate agent Montgomery Finlay and Co are being instructed by Tom Keenan as administrator.

The properties include housing developments, individual properties and sites at Tullana Grange, Killadeas Road, Lisnarick, Oakhill Avenue, Enniskillen, Lockwood Court Drumkeen, Ballinamallard, Drumawill, Sligo Road, Enniskillen, Waters Edge, Leggs and Carn Hill, Lisnarick Road, Irvinestown.

The developments at Carn Hill and Waters Edge carry a price guide of £500,000 each.

Around 4.5 acres of land at Drumawill on the Sligo Road are valued at around £250,000 and the Lockwood Court development at Ballinamallard has an outlined price tag of £200,000. A site at Kesh is priced at £5,000.

In its heyday, GP Williams built a number of upmarket housing developments in Fermanagh.

However the Belfast-based company was placed into administration by NAMA in October last year, meaning a number of small businesses in Fermanagh were likely to lose tens of thousands of pounds.

Fermanagh and South Tyrone UUP MLA, Tom Elliott says he fears the increased number of properties for sale in recent weeks across Northern Ireland could be the start of a flooding of the market.

Mr Elliott says this could have an impact on an already fragile property market.

"I am aware that Nama holds property worth £3.35 billion in Northern Ireland and we had an assurance that Nama would dispose of its portfolio in an orderly fashion and not commence a fire sale which would further undermine the market locally.

"I intend to investigate if there are any changes by the Banks and Nama of the sudden upsurge in sales in recent weeks and if this trend is likely to continue, as we were assured in June 2012 that Nama had planned to sell one third of its property in Northern Ireland by 2016."

NAMA was set up by the Irish Government to save the Republic's heavily indebted banking system.

It bought toxic loans, mainly in the collapsed property market, at a discount from the beleaguered banks.

In November last it published a list of 105 developments which were subject to enforcement action, 15 of which were in Fermanagh.

When it was placed in administration, GP Williams owed just over £35 million.

A Statement of Affairs filed by the firm's directors later valued its assets at just over £7 million.

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