Nama plan to benefit Docklands

The National Assets Management Agency is to develop a string of new commercial and residential projects within the Dublin Central Business District, primarily focused on the city's docklands.

The agency's nationwide plan to invest €2 billion in completing projects up to 2016 will address a shortage of top-quality office accommodation in the capital's docklands area and elsewhere.

It is also designed to assist the on-going expansion of the financial services sector and the development of new business and technology hubs, the agency said.

Nama chairman Frank Daly said the agency is evaluating residential projects where demand exists in Dublin and in other major growth centres throughout the country.

Speaking to the Association of European Journalists in Dublin, Mr Daly said: "We hold security over a considerable number of properties and lands on both sides of the River Liffey and are currently assessing the commercial feasibility of a wide range of projects - not least those in the undeveloped part of North Wall Quay in the north Docklands".

"The Dublin Docklands has been a marked success from an investment perspective, already accommodating over 40,000 employees in the technology, banking, financial, commercial law and other service sectors.

"The area is expected to require significant new development over the medium term, particularly of commercial office space, to accommodate the continued expansion of the financial services sector and the creation of new business and technology hubs in the wake of the move by companies such as Google and Facebook to the area," he said.

Nama's investment plan is linked to the resolution of planning and infrastructure issues in Dublin and elsewhere.

The bad loan agency has approved sales with a total value of €11 billion since its inception in December 2009.

Mr Daly said the Government's recent decision to liquidate IBRC and direct Nama to acquire the unsold residual element its loan portfolio would "significantly increase Nama's workload".

"Potentially, depending on the scale of loan transfers, the size of our balance sheet could increase by close to 50 per cent," he said.