3rd Sep 2007 07:43
Ely Property Group ('Ely'), a wholly-owned subsidiary of NewcourtGroup plc (LSE:NEW) (ISE:NEW), today announced that it will bring tomarket the entire 120 residential units in Cityquarter, an exclusivedevelopment at Athlone Towncentre for sale to investors andowner/occupiers. The residential development consists of 120apartments built to a high specification and has been designed byleading architects Murray O'Laoire and Associates. The new developmentqualifies for section 23 relief and is unparalleled in terms of itslocation in the urban centre of one of the most rapidly developingtowns in Ireland. £ Athlone Towncentre £ Athlone Towncentre is Ireland's largest shopping centre outside ofDublin scheduled to open in October, 2007. Athlone Towncentre willrevolutionise shopping in the centre of Ireland and providing theregion with a major fashion destination for the first time. £ The development includes 250,000 square feet of retail spacehousing 70 retail units. The development also combines a 166 bedroomfour star SheratonHotel and 120 apartments which will be named'Cityquarter'. £ Athlone Towncentre will be home to a diverse range of premiumIrish and International retailers including Marks & Spencer, Next,Zara, River Island, Monsoon, Promod, Esprit, Tommy Hilfiger and FieldsJewellers amongst others. The hotel will be Sheraton's third hoteldevelopment in Ireland following the Five Star Westin in Dublin andthe Five Star Sheraton Fota Island Golf Resort & Spa in Cork. Openingin April 2008, the hotel will feature two restaurants, a bar, a healthand leisure club and a spa. £ Tax Effective Investment £ Cityquarter is without parallel in Ireland given its uniquelocation, proximity to a premium shopping centre, leading edge designand attractive financial incentives. There is no other (Section 23)tax-based residential scheme in the country with these uniqueattributes. Changes to the Finance Act 2006 mean that the supply ofSection 23 properties will not be available after 2007. £ This investment represents one of the last opportunities to investin a premium Section 23 property, in an outstanding location. Inbringing this attractive investment opportunity to market, Ely hasacquired 45 units within the Cityquarter development for its owninvestor group. £ Product Launch & Leaseback Option £ Ely Property Group, together with a number of local agents, willbring this unique investment opportunity to the market in September2007 in line with the opening of Athlone Towncentre. Investors inCityquarter also have the option, if they so wish, to avail of aleaseback facility with Ely Property Group. To enhance the rentalreturn, Ely Property Group undertakes to lease back the property fromthe investor for a full 10-year period. £ Philip Marley, Chief Executive, Ely Property Group commented "Weare delighted to bring to market entire residential development atCityquarter for sale later this year. Cityquarter at AthloneTowncentre is one of the most exciting mixed use developments everbuilt in Ireland with the added benefit of a tax effective investmentopportunity." £ He added "Section 23, as an investment incentive vehicle, is beingwound up. Cityquarter offers investors and owner/occupiers alike theopportunity to acquire premium, residential property, in a taxefficient manner. Cityquarter at Athlone Towncentre is among the bestSection 23 tax incentive investments ever to have come to the marketin Ireland." £ He concluded "We believe this is a highly attractive investmentopportunity with the added benefit of Section 23 tax incentives. Wehave already acquired 45 units within this development which have beenplaced with our investor group." £ About Ely Property Group £ Ely Property Group is engaged in the development and management ofstudent accommodation in Ireland and the UK. £ About Newcourt Group plc £ Newcourt is a leading provider of support services, employing over2,700 staff throughout the island of Ireland. The Group has twoprimary operating divisions: Support Services & Student Accommodationand Recruitment & Aviation Outsourcing. £ About Cityquarter at Athlone Towncentre - A Premium ResidentialDevelopment £ Cityquarter at Athlone Towncenter has been designed with thediscerning resident in mind. Relatively low housing density, in alandscaped environment, adjacent to a premium fashion and retailingcentre, means that Cityquarter will be a much sought after residence.The Cityquarter development is set in a spacious, carefully landscapedenvironment. Residential units are completed to the highest standardwhich includes wooden floors, Cat 5 cabling, balconies and premiumbrand electrical goods. The entire development is also a 'WiFi'enabled hotspot. £ All residences in Cityquarter are designed for modern living andare very spacious, ranging from 800 to 1,320 sq feet, some with airy12 foot ceiling height. Virtually all units have dual aspect; thisunique orientation optimises light levels in east-facing bedrooms inthe early morning, while west-facing living rooms capture the eveningsunshine. Over 95% of the apartments include either west orsouth-facing balconies or terraces. Some apartments also have views ofthe river Shannon and the surrounding area. Copyright Business Wire 2007Related Shares:
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