ONE OF IRELAND'S newest retirement villages at The Park in Castletroy, Limerick is on a landscaped site of 10 acres, beside the four-star Castletroy Hotel and close to the University of Limerick. It was bought for €26 million three years ago by a local developer, from the US-based philanthropist Chuck Feeney.
The site now contains 138 apartments and houses, all but five of which have been sold. The buyers in the main are investors who get tax breaks and agree a 15-year rental agreement with the management company at a fixed return.
The occupants are all over 55 with different medical needs, which are addressed on site.
The complex is constructed for independent and assisted living and includes six common areas and a club house with a plethora of facilities such as daily papers and computers. There is also a Rotary Club on site fuelled by scones, tea and coffee.
In addition, there is a nursing home run by the Mowlam Care Group which has 16 similar homes nationwide. Residents in The Park are given preferential entry to this nursing home which provides independent and assisted living as required. Staff are guaranteed to be with a resident within seven minutes of receiving a call from the numerous emergency call systems in the houses and apartments.
One-bedroom homes measure 65sq m (700sq ft) and two-beds are 94.7sq m (1,050sq ft). The homes have en suite bathrooms and wide door frames.
The reception rooms are large and airy with modern technology and sound insulation giving a warm and secure environment.
Rentals start at about €1,300 a month for a one-bedroom home and from €1,400 for two-bedrooms. Heating, maintenance, cleaning, lighting, and so on, are all included. Chief executive officer Neville Furlong says that the costs of renting here will be less than half the cost of a staying in a good nursing home.
In addition, he said that those who had difficulty selling homes but still wanted to occupy a unit in The Park would be allowed to do so with a deferred payment system which is already in place if required.
Residents can keep pets as long as they do not annoy others living in the complex of two apartment blocks and 49 homes.
Residents can use the facilities of the on site Castlepark Hotel leisure centre and swimming pool at a reduced cost while visiting friends and family can also stay there for a lower price than standard.
Near the four-star hotel is a new medical centre. Offices, a crèche, restaurants, newsagent and pharmacy are due to open soon. Nearby, Parkway Valley shopping centre is being built.
www.castletroy.com
