The Park, Retirement Village, Limerick - All Income Shelter 2008
Status: Launched September 2008

Investor Benefits

• Equity required €105,000 plus a processing fee of €1,750
• Total Tax Allowances available €232,166 or which €20,241 are rental allowances
• Cash Value at *46.5% €108,000
• Cash Value at 41% €95,188
• Only 6 positions available
• Fixed Guaranteed lump sum payment of €125,000 in year 10
• Sinking fund of €250,000 in place
• Group and personal guarantees in place, net worth in excess of €100m

Prime Wealth Management is delighted to announce the release of its latest All Income Tax Shelter investment opportunity. The Park is situated in the heart of Castletroy, a prime residential location in Limerick. This exclusive gated development comprises 138 residential units and a state-of-the-art 57 bed nursing home. A group of 11 Tax Partners will be admitted to the "The Park Investment Partnership" with a view to acquiring 7 luxurious turnkey apartments located within the purpose built retirement village and availing of the relevant tax reliefs. Participating Tax Partners will benefit from significant tax savings and a substantial return on their investment over 10 years.

The "Park Investment Partnership" will acquire the apartments for a fixed price of €3,637,000. The acquisition will be funded through a combination of Partnership bank borrowings (€2,482,000) and Tax Partner equity of €1,155,000 (€105,000 x 11). Partnership bank borrowings are non recourse to participating investors in respect of the capital element. Each Tax Partner will benefit from capital allowances of €232,166 generating a total tax saving of €108,000 at 46.5%* over the investment period.

Each tax partner will receive a guaranteed exit payment of €125,000 in year 10 from the operator, Fordmount Investments Limited who is a wholly owned subsidiary of Fordmount Property Group Limited. All obligations of Fordmount Investments Limited in relation to The Park Investment Partnership are guaranteed by, in the first instance, the Group Holding Company and ultimately by the Group Managing Director, Michael Daly. Fordmont Group has a net worth in excess of €100m.

For added piece of mind, Fordmount Property Group will place on deposit a sum of €250,000 at the outset. These funds will be invested in a High Yield account with the Partnership Lending Bank and in the event of default in either, the annual rent or the interim payment, the fund plus accrued interest will be paid in permanent reduction of the Partnership Loan.