Swilly view plots owned by NAMA

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Two plots of land on the outskirts of Derry looking over Lough Swilly are among the €200million worth of land and loans under the control of NAMA, it’s been revealed.

Set up to deal with Irish banks toxic assets, the National Asset Management Agency (NAMA) currently lists the €75,000 plots at Carrownamaddy, Burt, close to the Grianán of Aileach, among the vast array of properties under its control.

Other developments under NAMA’s control locally include developments at Ard Bán, Muff, and Ballyhaskey, Newtowncunningham.

The detailed breakdown of what exactly NAMA control was outlined in the organisation’s annual report, published last week.

According to the report developers acquired €200million worth of over-priced property they couldn’t afford in Counties Derry and Donegal using cheap credit from the banks during a false cross-border property boom on both sides of the border.

Whilst there are no longer any NAMA properties under enforcement within Derry city there are four in the county and a number just across the border.

Last year NAMA did take over 36.2 acres of land on the Glenshane Road in Drumahoe which had once been owned by McDaid Developments (Ireland) and which former Environment Minister Sammy Wilson, once hailed as a key component of a 770 dwelling joint housing development in the village.

According to NAMA 100million euro worth of property is held in both Derry and Donegal - giving a total of €200m worth of assets acquired through loans that went bad in both counties.

Meanwhile NAMA last week also announced hat it made a profit of €247 million after tax in 2011