The Gateway is open for a bright new future in Dublin
Irish Independent Property Section, Friday 3rd June 2003

One of the Ireland’s largest regeneration projects is coming into flower in Dublin. The Gateway, a new apartment development in Ballymun which qualifies for Section 50 (student accommodation) tax relief, has been launched by Ely Property Ltd, the sale and leaseback specialists.

There will be 109 three bedroom apartments in the development, built by Bowen Construction to a design from Anthony Reddy and Co. and it is expected that they will be completed by August 2005.

Apartments are priced from €270,000 to €338,000 with the floor areas ranging from 60-97m². Fit-out is to 4-star student standard.

The apartments, which are built to a high specification, will qualify for Section 50 tax relief at 85pc. Investors can also avail of circa 85% capital allowances and expected gross yield of 4% in the biggest regeneration location Dublin has ever seen, with strong capital appreciation prospects.

All apartments are offered with a 10 year leaseback arrangement, de-risking the investment opportunity with the already attractive Section 50 allowance. The company only offer leaseback on developments that fulfil certain criteria, delivering a quality return. The Gateway offers the benefits of leaseback and ten year management.

This is Ely’s second Dublin development and it follows the success of the Atrium development at Foley Street beside the IFSC, which is now almost sold out.

The company, which is headed by Philip Marley, is an experienced management company specialising in the management of residential accommodation. Already the company has sourced tenants for the Gateway.

Student Accommodation Services, Ely’s Section 50 subsidiary, will let and maintain all units, clean and repair common areas, manage gardening and landscaping, refuse disposal, electricity and security. Security lighting, CCTV and on-site manager will provide a secure and safe environment for residents.

The Gateway, which is a fully gated private community, is a five minute walk from Dublin City University. It is within easy reach of the National College of Ireland, Dublin Airport, and Dublin City Centre.

Over 2000 new houses will be built in Ballymun by November of this year. The area is the subject of a €1 billion investment and regeneration programme.

It is being developed as a lively, modern precinct and a number of apartment and commercial schemes have enjoyed huge success in recent months.

New apartment developments here have sold exceptionally well, helped in most cases by valuable tax breaks. There has also been considerable competition for retail opportunities in the new town. T

Treasury Holdings are expected to commence work on a €400 million Shopping Centre project across the road from the Gateway development next month.

The strong image portrayed by the successes is further enhanced by planning permission for a 77-bedroom hotel, an office building of 4,607m² and retail units facing onto Main Street with a floor area of 2,582m².