Disposal of a 32 Apartment, Luxury Residential Investment
The subject property was put out to a formal tender by NAMA, which C&W secured after submitting a detailed report analysing the optimum disposal strategy. The property was a residential asset formerly owned by an Irish developer who had gone into administration before completing the development of the project.
The property required a series of construction projects to be completed in order to discharge the planning obligations and receive the necessary permits and insurance policy in preparation for open market tender.
The challenge was to prepare the asset for the market in order to achieve the best price by Q4 2013.
C&W undertook a sensitivity analysis which advised NAMA to work with BDO in order to complete the unfinished building work and obtain the required legal permits. C&W’s project management team undertook the works in order to certify all planning obligations and obtain the necessary permits so the maximum price could be achieved.
The asset was widely marketed over Q2 2013 and particular attention was given to a pre-ordained list of residential investors. C&W identified a North American multi-family investor who submitted the winning bid.