This is a farm near Athenry, Co Galway. It is mostly reclaimed bog and esker.
The guy who owns it is a NAMA candidate, biggish developer. It’s 2 miles from Athenry, where there are stacks of unsold houses. The advert proposes to sell the farm in plots ‘for detached homes each on one acre sites with price region of €100,000 (One Hundred Thousand per Unit)per unit.’ Click on the smaller images to see the layout of the sites. A proposed new airport is also brought into the advert. The map shows the farm adjoining the ‘Strategic Zone’. This is not the case.
What is the purpose of this proposed sale? There isn’t a snowballs chance in hell of selling such sites. There is no planning for said detached houses, and none now being sought. Yet to draw up such a plan and get graphics, maps etc done is a costly business. Who’s funding the estate agent to advertise this property? Somebody has to be as the EA is not soo stupid as to do all that work knowing that it will never return a commission.
The land is worth between €3,500 and €4,500 as agriculture land. The seller is looking for €12,828 per acre!!!
Is the bank paying for this exercise? Are they hoping to convince the NAMA evaluation process (more Estate Agents!!) that the property is worth more than it is, and thus defraud the taxpayer? Has a deal been done between the developer and the bank, where by if the developer gets the land evealuated above a certain figure, the bank holds off on repossing his big house?
I would be very interested in hearing from anyone who knows of similar “hyped up” properties for sale around the country. The NAMA process is secret so unless we keep a watching brief on what’s going into NAMA then we will be screwed again.
Looking forwards to your replies.