Developer

The developer, Athy Clonmullion Development Limited, is a related company of Paddy Raggett Homes Ltd. which has been building homes for more than 30 years in the South East region. The company has delivered a number of other quality residential developments in Athy, including Dún Brinn, Cois Bhearú, Cluain Bearú, and Tonlegee Court and has also been involved in a number of commercial transactions in the town. The Raggett family has also been involved in many developments throughout Carlow, Kilkenny and Tipperary.

Athy Nursing Home Operator

The nursing home is managed by Cloverland Healthcare Limited, which was established in 2000. It currently operates two homes in Athy and Shinrone, Co Offaly. The company’s management team brings a wealth of experience from both the nursing home sector and business world. The capacity of the Athy home is 56 rooms (52 single rooms and 4 double rooms). The home offers care for medium to high dependency elderly persons from the local area. It receives referrals from many sources including a number of General Hospitals (Tallaght, Naas, Portlaoise, Baltinglass, St Luke’s Kilkenny and The Sacred Heart, Carlow), local GPs and religious orders. The home is profitable and enjoys high occupancy rates.

Why Retirement Villages?

Although retirement villages are relatively new in Ireland, the concept has proved very successful abroad. Part of its attraction lies in the independence afforded to the occupants of the units coupled with the peace of mind offered with the provision of 24 hour security and medical care. The village has been designed with both the residents and their visiting families in mind. The government has encouraged the development of retirement villages by the introduction of significant capital allowances against all income for investors.

The Development Itself

The development is conveniently located 600 metres north of Leinster Street, Athy’s main street. A short walk to the train station and town centre, it is an emerging residential location which has a number of new residential schemes underway and completed in recent years. The Cloverland Lodge nursing home is adjacent to the development. CRV is an exclusive development comprising 50 two-bed residential units, 30 mid-terrace and 10 end-terrace bungalows plus 10 apartments. The units within the complex are designed with a traditional high quality specification and laid out around a landscaped courtyard with 50 on-site car spaces. The entrance is from Convent View with an attractive bridge crossing the Moneen River which borders the development. The properties are fitted to a four-star standard and include the following features:















CRV aims to provide its residents with all the advantages of independent living combined with the security and support that the nursing home operator can offer.

Benefits To Individual Investors

Capital Allowances

Capital Allowances of 91% of the purchase price are available to the investor. Up to €31,750 per annum can be written off against all income and the remainder against rental income. Investors will be able to claim the allowances from 2008 onwards. Unused amounts in any tax year may be carried forward for use in later years.

Tax Relief on Investment

In addition to the capital allowances above, tax relief is available on interest incurred on borrowings used by an investor to purchase a unit in the development.

Rental Income

The developer offers a generous guaranteed rental income to each investor in Clonmullion Retirement Village [CRV] for the first five years. There is a rent pooling arrangement in place for any excess rent over the gross rental guarantee amount during its term, and on all rents generated thereafter until the scheme ends. This arrangement will reduce the risk for the individual investor in circumstances where their unit remained un-let for any period.

Management Company

A management company has been established to manage the estate aspects of the development. The management company will be fully owned by the investors and each investor will be a member of the company. It should be noted that the guaranteed rent referred to above will be paid net of management fees i.e. no management fees are payable during the five year guarantee period. The Management company will assist in the orderly marketing of units for investors at the end of the tax life.

Exit Mechanism

At the end of the scheme in January 2017, investors have the option to re-let the unit to the Nursing Home, let it privately, occupy it or sell it on the open market. There are no planning restrictions on the use of the property at the end of the tax scheme