Nama apartments being demolished

Wed, Jul 18, 2012, 01:00

Demolition has today begun on a derelict apartment block in Longford after the National Asset Management Agency (Nama) recently confirmed it would finance the operation.

The apartment block, which is located at the Gleann Riada estate in Ballyminion, on the edge of Longford Town, consists of 12 unsold units that have fallen into disrepair.

Earlier this month, Minister for Finance Michael Noonan said the removal of the block would cost Nama about €150,000,

Mr Noonan told the Dáil the block “had been subject to continuous vandalism and antisocial behaviour, including the removal of all fixtures and fittings, and had become a significant source of concern for neighbouring residents”.

Nama assumed loans on the property in December 2010 and Mr Noonan said the apartment block was poorly constructed, located on a flood plain and in the middle of an industrial estate.

The apartments were never inhabited.

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