Up to 2,500 ‘affordable’ homes planned for north Co Dublin under €40m Nama deal

The LDA, which was established to build homes on State land, will pay Nama up to €45 million for the two properties. The transaction is the first between the bodies and the first in which the agency will buy privately owned land for housing. Both the LDA and Nama declined to comment in reply to questions about the deal.

With many apartment developers hindered by funding constraints, construction inflation and rising interest rates, the LDA is likely to argue its intervention will ensure delivery of dwellings that might not otherwise be built for many years. The LDA will pay “less than €40 million” for the Gannon property, with the Barina lands bringing the deal to about €45 million.

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