Casino Apartments – en bloc sale risk – Update

Earlier this month we wrote to NAMA expressing our concern about the impact an en bloc sale of Casino Apartments would have on step down accommodation stock in the Malahide area.

NAMA replied to us by email on February 14th 2020. Our step down accommodation sub-committee has considered NAMA’s response and replied to NAMA on Feb 27th.

Our response to NAMA notes that “NAMA requires that sales agents are appointed to openly market the assets and to ensure that the sales strategy employed achieves the best value for the asset type” and that “in certain circumstances, best value can be achieved through a bloc sale”.

To us the appropriate circumstances are very clear – it must be the best return for the State. A bloc sale should exceed the total value of direct sales to individuals.

In addition to the better financial return we’ve also asked NAMA to take into account the social benefits of facilitating the sale of these apartments to individual clients and thus adding to the stock of housing for Step Down and thereby increasing the size of the housing market for younger people.

We will be monitoring the outcome of NAMA’s decision in the interests of our community and the national interest, very carefully over the coming days, weeks and months.

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