NAMA working to raise value of land before sale

An Irish asset management agency is to work with proposed developers on a 115-acre development site in the Tees Valley, to try to raise the value of the land prior to it being sold on.

The National Asset Management Agency (NAMA) is working to raise the value of the Allens West Logistics Centre, which is being sold due to its holding company, JG Eaglescliffe, having gone into administration last year. NAMA is said to have brought on board David Mitchell’s Manse and developer Chris Musgrave to "work out" the industrial estate, rather than go for a sale at its current value.

The intention is to improve the planning position of the site, which currently has consent for 500 homes to be built on the site, as well as 200,000 square feet of industrial space. NAMA's partners will be charged with the tasks of asset managing the site, improving the planning consent and, ultimately, finding a residential developer to buy it for up to £25m.

Industry publication, Property Week, said that NAMA could push for a sale during the next 24 months, having given itself a deadline to wind up its UK operations within the next two years. The company does, however, have a significant number of assets in the UK – particularly in London and the south-east – to deal with first.

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