NAMA Ties-up Greystones Harbour Project

Seven months after work was officially "paused" on public facilities in the €300m Greystones Harbour redevelopment project in north Co Wicklow, it has emerged that it is to come under the control of the national assets management body, NAMA, sparking concern for the future construction development.

With an estimated €40 million already spent on construction of the project - mostly on the creation of the outer harbour walls - the Sispar Consortium has yet to build new facilities for five local clubs, 341 apartments and houses, a new public square, slipways, a 230-berth marina, commercial facilities including marine-related shops and offices, an associated beach and a public park.

The project also includes anti-erosion measures at the existing north beach that are scheduled to take place annually for 30 years.

In March, Sispar told a local harbour liaison committee that given the changed economic situation, once the outer walls and two slipways are completed by about next October - by which time they will be about six months’ late - a pause will be put on many of the aspects of the project, including the clubhouses and the marina.

The construction of clubhouses for sea scouts, divers, sailors and rowers would therefore depend on market conditions for new homes and commercial property elsewhere in the development.

The public-private partnership, Park Developments, a home building firm, and John Sisk and Son, civil engineers, have just told local councillors that the project will enter into the NAMA process.

The State's toxic bank takes control of performing and non-performing loans and individually assesses each case for funding to complete the project.

However, Sispar have pointed out that Nama are taking in all loans over €5 million regardless of whether or not they are performing.

A spokesman said that the performance of the firm's loans have not been subject to discussion but said work was ongoing. He said that future work would require the approval from the State's bank.

(BMcC/KMcA)