The Inishloe Island Community Project

Have you ever dreamed of owning land on an island? And how about a private beach?

Welcome to The Inishloe Island Community Project. We are a community driven group of people looking to pool our money together to purchase 18 acres of land on Inishloe Island in the Shannon Estuary.

The island can be accessed by boat, helicopter or kayak. As part of the project, we have purchased a boat which will be owned by the group.

We have recently established a new legal entity known as a Designated Activity Company (DAC). The concept is very straightforward and works similar to buying shares in a standard company. Shareholders pool in money and receive shares in return. This money is then used to purchase the land on the island, and the DAC would own the land. The shares could then be bought and sold by shareholders who wish to exit their investment - and thus ownership could be easily transferred.

The Shareholders would get two major benefits:

1. Because land like this is unique and scarce, it is very likely to increase in value over time.
2. Shareholders get to enjoy the island with their family - through camping and day trips while they own their shares.

So while it is unlikely there will be dividends paid out (as it is unlikely there will be income produced by the DAC), shareholders may get something even better - a chance to enjoy the island while they are a shareholder.

Shareholders will be able to take trips to the island, and camp on the island if they like. The island can be accessed via kayak or jet ski (if you own your own), or we can arrange access via a private boat or helicopter (from Shannon Airport).

The Board can also organise day trips to the island during the summer months for shareholders to enjoy.

The Board itself, will be elected by The Shareholders and will run in a voluntary capacity. The Board will be shareholders themselves, and thus, the interests of the Shareholders and Directors are then the same. This is super important, as it ensures that Shareholders have full transparency in the whole process. There will be an AGM held every year where the accounts will be presented, and the shareholders given a chance to elect The Board.

Shareholders will have various options to sell their shares in the future. This could include privately through a website that The Board will set up and manage for The Shareholders to list their shares for sale on a secondary market.

As per company law, the first point of contact for selling shares is actually to the existing shareholders - so existing shareholders will be given the first opportunity to buy any shares put up for sale.

DAC organisations are limited to a maximum number of shareholders of 149. To keep things simple, we have divided the shares into 100 - so 100 shares were initially available for sale at €2,500 per share.

As of November 2022, we have received pledges for around 50% of the available shares. We are still looking for new shareholders to get involved with the project. You can register your interest below.

Project Breakdown

Here is a summary of the costs associated to purchase the land on the island and set up the DAC:

Land Purchase Cost €205,000
Stamp Duty (7.5%) €15,375
Conveyancing Fees (estimated) €2,500
DAC Establishment Costs (estimated) €1,000
Purchase of Boat (estimated) €10,000
Misc / Future Reserves €16,125
Total Capital Needed €250,000

Therefore, based on 100 shares, the initial share price has been set at €2,500 per share.

Frequently Asked Questions:

Should I be concerned about investing an island with sea levels rising?

Climate Change is a real threat, especially with an island. Thankfully, the land at Inishloe is raised well above sea level, so there would need to be significant sea level increases for the island to go under water. Other areas of Ireland would be submerged long before Inishloe.

Secondly, the island is on the Shannon Estuary which is tidal. This means that the water comes in and out each day. Even in the unlikely event that the island is submerged, it would only ever be for a certain amount of time each day.

How Transparent is this process?

Because The Board is elected by The Shareholders - and any Board Member is a Shareholder also, the interests of both are aligned. There is also an AGM held each year where the accounts are presented to The Shareholders. While there isn’t a legal requirement for a DAC to be audited, in theory The Shareholders could ask for the accounts to be Audited - but in practice, The Shareholders will have an opportunity at the AGM to ask any questions on the accounts and ensure everything remains above board.

The company itself is registered with the Irish Company Registrations Officer (CRO) and share certificates will be issued to shareholders.

Can I Sell my Shares in the Future?

Yes. It is likely that supply will outstrip demand when it comes to buying and selling the shares, and thus it is expected the Shareholders will be able to sell their shares for a profit in the future.

Ultimately, the value of the shares should tie into the value of the land. Land prices in Ireland have traditionally gone up in the long run, even accounting for inflation.

Can more Shares ever be issued?

We will initially start with 100 shares only. There is an opportunity for The Shareholders to agree to issue more shares in the future if additional capital is required. For example, The Shareholders might agree to raise more capital to say build a house on the island, or a wharf. Because these would be capital projects, it is likely any new capital raised would likely increase the total share price for all Shareholders.

It should be noted that any additional new shares would need to be agreed by The Shareholders before they are issued - so the power of decision making is democratic.

How Can I Pay for My Shares?

We have established a bank account with Bank of Ireland and shareholders will be given an opportunity to pay for their shares using an Irish IBAN.

How do I Register my Interest?

Registration is now open to register your interest, and shares will be offered on a first come, first serve basis. You can secure your shares by filling out the registration form by clicking here.

We have organised a visit to The Island once a month and by filling out the form we will contact you when the next visit will take place.

As part of the process, Shareholders will also be given the opportunity to join The Board if you would like to have direct involvement in the project.

Shares can be bought personally as an individual, or through a company (e.g. your own company if you are self employed).

What will happen if we don't raise enough money

In the event we don't raise enough money to purchase The Land shareholders funds will be returned to them.

Contact Us

If you have any questions on this project, please send an email to [email protected].