Ely Property prepares to launch apartments at Cityquarter, Athlone

Ely Property is currently preparing to bring to market 120 residential units in Cityquarter, an exclusive development at the new Athlone Towncentre. The development is for sale to investors and owner/occupiers. Ely Property Group is a wholly owned subsidiary of Newcourt Group plc. The new apartments have been built to a high specification and were designed by leading architects Murray O’Laoire and Associates. The new development qualifies for section 23 relief and enjoys an excellent location in the urban centre of one of the country’s most rapidly developing towns. Athlone Towncentre is due to open next month and is expected to revolutionise shopping in the region, providing a major fashion destination for the first time. The development is comprised of 250,000 square feet of retail space, including 70 retail units. The development will also include a 166 bedroom Sheraton Hotel and the 120 apartments, titled ‘Cityquarter’. Top retailers due to take up residence include Marks & Spencer, Next, Zara, River Island and Monsoon. Cityquarter will offer tax effective investment without parallel in Ireland, representing as it does, one of the last opportunities to invest in a premium Section 23 property in an outstanding location. Ely has acquired 45 units within the Cityquarter development for its own investor group. Cityquarter will be brought to the market this month, as the opening of Athlone Towncentre nears. To enhance the rental return, Ely Property Group undertakes to lease back the property from the investor for a full ten-year period.