NAMA HAS SAID it’s looking for bidders to invest in developing 37.2 acre land in Poolbeg West for residential and commercial use.

The National Asset Management Agency invited expressions of interest in lands located within the designated Poolbeg West Strategic Development Zone at Pembroke, Dublin 4.

Nama says the site has the potential to deliver up to 3,500 residential homes (including 10% Part V and 15% social and affordable homes) and approximately 1 million sq ft of commercial development, as well as a school site and community and public open spaces.

Those interested can subscribe for a majority 80% shareholding in an entity – Pembroke Ventures DAC – currently a Nama group entity, which ultimately owns the lands.

Nama chairman Frank Daly and chief executive Brendan McDonagh said:

The development of Pembroke provides a unique opportunity to make a significant contribution to Dublin’s housing needs as it is one of the few large, centrally located development opportunities in Dublin city.

“Today’s announcement, coming just three months after the SDZ Planning Scheme was adopted by An Bord Pleanála, represents a key milestone in the progression of the commercial delivery strategy for the site, in line with our section 10 objectives.”

The Planning Scheme for the SDZ was formally adopted by An Bord Pleanála in April.

On Thursday, the Minister for Finance’s review recommended that Nama should continue to manage its residual loan book beyond 2021.