TD Asks Varadkar “Did Nama Know Of Changes To Apartment And Office Heights?”

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Bríd Smith TD says changes to the planning guidelines on height restrictions mean that recently sold sites or sites that may be sold soon will increase dramatically in value. This means that the state in selling these sites before this change came in have lost out on a lot of money for the exchequer. It also means that groups who bought sites off NAMA will have their portfolios increase massively in value.

The TD has submitted a series of questions to both the Finance and Housing departments asking if either department officials met with NAMA officials before these changes were made or if NAMA knew of the planned changes. The TD has asked why, if the agency knew of changes it proceeded with sales of sites and property that may now be worth much for the state.

She said: “Sites recently sold by NAMA could now be worth multiples as a result of planning guideline changes and I have asked questions of both the Department of Housing and the Department of Finance on this matter.

“I am looking to ascertain if either the Department of Housing or Finance met with NAMA before these changes came in and if NAMA knew that these changes were coming in?”

Bríd Smith today questioned the Taoiseach on whether NAMA officials knew in advance of changes in building height regulations. No answer was given to Deputy Smith’s questions.

Ends

Notes-

Written questions to Finance:

To ask the Minister

Is he aware that the removal of height restrictions has a major upward impact on site value of the lands sold and  that the price obtained for the land disposed of by NAMA recently is thus considerably less than could have been obtained and did his department discuss the likely impacts with NAMA officials before they disposed on any lands?

To ask the Minister,

If NAMA had been informed of the forthcoming changed height regulations but continued to completion with such sales, why was NAMA permitted to dispose of such sites at considerable discount to their subsequent revaluation? And if his department were advised of these sales/disposals prior to the announcement on height restrictions?

To ask the Minister,

Did his department discuss the likely impacts on land prices and specifically NAMA controlled sites of the measures on height restrictions with either ; (a)the minister for housing or officials in his department or (b) any outside agency or body and to detail any discussion and meetings that took place where these height restrictions were discussed.

Brid Smith TD.

Written questions to Housing:

To ask the Minister,

Is he aware that the removal of height restrictions has a major upward impact on site value of the lands sold and  that the price obtained for the land disposed of by NAMA recently is thus considerably less than could have been obtained and did his department discuss the likely impacts with NAMA officials before they disposed on any lands?

To ask the Minister,

If NAMA had been informed of the forthcoming changed height regulations but continued to completion with such sales, why was NAMA permitted to dispose of such sites at considerable discount to their subsequent revaluation? And if his department were advised of these sales/disposals prior to the announcement on height restrictions?