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Millrace Village, Ballinasloe, Co. Galway
Millrace Village, a new retirement scheme in Ballinasloe, offers tax efficiency and guaranteed rental returns.
Purchasers can avail of capital allowances for offset from their share of Irish rental income from the residential unit. The balance of capital allowances can then be offset against the investor's total Irish Source of Rental Income assessable for that year.
Any further excess capital allowances can be offset against total income (including PAYE income) to a maximum of €31,750 per annum for an individual, or €63,500 where a married couple owns the unit jointly provided they each have sufficient income to utilise the allowances.
Investors will lease their apartment to the Nursing Home Operator who will let and manage the property on their behalf.
The fully furnished apartments represent a new wave of retirement schemes that offer independent living with onsite care facilities. Millrace Village, located on Bridge Street, in the heart of the town, consists of 46 two-bedroom luxury apartments developed by local company, Earls Construction Co. Ltd, the same developer responsible for the Radisson Hotel, Athlone, amongst many other high profile ventures.
The purpose-built apartments are generously proportioned, each finished and fully furnished to a high standard by interior designers, The Cotton Box Design Group, Galway. All apartments are two-bedroom (one en suite) and include a fitted kitchen, energy efficient heating and a private balcony or terrace. The architecturally designed village is entirely wheelchair accessible and includes ample parking for residents and visitors.
All apartments include a 24-hour Response System linked to the on-site nursing home. This provides apartment residents with the security of on-call facilities when necessary.
The adjacent 60-bed Millrace Nursing Home is fully staffed and provides full residential facilities independently of the retirement village. It also offers meals and laundry services by arrangement with apartment residents and caters to every religious denomination with services provided on site. A Residents' Club will also provides an indoor village focal point for activities, meeting friends or simply relaxing.
For further details on this great investment opportunity, contact DNG Pat Finn on 090-9631615 or ERA Rothwell on 090-9642127.
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