NAMA to complete €30m development
The National Asset Management Agency has said it will complete a €30 million development in Knocknacarra of 300 homes, retail units, a bar and offices by the end of 2018 – which would create around 80 jobs.
NAMA has said the project is now viable, after being on hold since 2009 because of the collapse of the property and construction sectors, and will be completed by the end of 2018.
Planning permission was due to expire in July on the 23-acre site on the Upper Ballymoneen Road – opposite the Slí Gheal and Fána Búrca estates.
However, NAMA sought an extra five years to complete the development, pointing out that by the time permission was originally granted in 2009, property prices had dropped by 60%.
The site had been owned by Galway ‘Tiger’ developers Declan Gardiner, Joe McGrath and Martin Kearns, but was seized by NAMA in August 2012 because the developers could not secure funding.
The developers had originally sought permission for around 360 homes, but subsequently reduced this to 299 residential units following discussions with planners.
“The collapse in house prices reduced the viability of the subject development, until now. It is the intention of the appointed receiver to ensure that this development is completed,” NAMA’s receivers said.
For more on this story, see the Galway City Tribune.