Tax Incentive Holiday Cottages for Sale
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LISDOONVARNA HOLIDAY COTTAGES, LISDOONVARNA, CO. CLARE
SECTION 23 TYPE TAX DESIGNATION
Toureen Estates is owned by Tom & Fiona McNamara. It is
involved in development & investment in property in Ireland.
Toureen is managed by Tom McNamara who is a Chartered
Surveyor and previously owned a Quantity Surveying &
Project Management Consultancy until it was sold in 2006
to a UK Plc.
The company is based in Ennis Co. Clare.
Toureen has previously developed a section 23 type
scheme in partnership in Lisdoonvarna in 2005 called Dun
Bhreandain. This development was sold to Investors in 2005
and is currently 4 years trading.
Investor Information
PRICE: The price is €295,000 plus vat (vat reclaimable on lease to management company).
GUARANTEED RENTS: The price of €295,000 includes guaranteed rents of €8,000 per year for 5 years. Guaranteed rents will be placed on deposit at contract closing in Investors sole name to safeguard Investors interests.
RENTS AFTER EXPIRY OF 5 YEARS: We have already built up a turnover of €6,200 per unit and €4,000 after expenses. We will enter a profit split arrangement after year 5 which will distribute 70% of the profit after expenses to each Investor.
MANAGEMENT GUARANTEE - TOUREEN ESTATES: Will indemnify Investors with regard to the operation of the scheme for the lifetime of the capital allowances ensuring no clawback of allowances.
CAPITAL ALLOWANCES: The allowances are 90% of the price. The allowances can be used against Irish source residential or commercial rental income and unused relief can be carried forward indefinitely.
SALES: Sales can be closed up to end of December 2009 and investors will receive tax relief on 2009 year end rental income.
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CERTIFICATION: All certification is in place including:-
- Clare County Council: certificate under Finance Act 2006 for Registered Holiday Cottage Scheme.
- Failte Ireland: certificate of registration.
- Department of Environment, Heritage and Local Government: floor area compliance certificate.
- Homebond: 10 year structural guarantee.
LOCATION - The houses are located just off the town centre in Lisdoonvarna. Lisdoonvarna is a vibrant tourist resort located close to a host of tourist attractions including the Burren, Cliffs of Moher, Doolin, Lahinch, Fanore beaches all located within 15 minutes drive.
OPERATION - The Scheme consists of 14 houses which are managed directly by Toureen Estates under the name of Lisdoonvarna Holiday Cottages. They are currently in their third year of trading. The turnover generated in 2009 was €6,200 per house. We market the holiday houses directly through our web site. www.clareselfcatering.ie and through newspaper and print media. We have also developed links with marketing specialists, Gulliver (Failte Ireland), Imagine Ireland, Self-catering Ireland and Loyalty Build who offer holiday breaks incentivised by Super-Value to their customers.