In 1999, William Bolster set up a new company –W.D. Bolster & Son Limited - that at first concentrated on apartment construction. At the time, the relatively new tax scheme, Section 50: Student Accommodation had been introduced. W.D. Bolster & Son Ltd. carried out one of Waterford’s first Section 50 apartment blocks at Maple Springs. This gave the company invaluable experience in dealing with the strict regulations and paper work involved in the scheme. The project was a huge success and the apartments sold out quickly.
Another Section 50 project followed, this time a block of 24 apartments at Rossgrove Court in Waterford. Once again, all apartments in the block sold in record time. With the market going from strength to strength, the next complex involved both Section 23 and Section 50 incentives and consisted of apartment and duplex units with their own courtyard and parking at McConnell House, William Street, Waterford.
Once the construction company was well established, it made its first venture into the residential market by acquiring a very well located site at Williamstown in Waterford. With 49 houses, a crèche built on the site, and a record price paid per acre, this development went on to sell all 50 units in 9 days, with signed contracts two weeks later. The development, named Williamstown Glen, was fully handed over within 13 months.
During the construction of Williamstown
Glen, a famous site in Waterford called Ted
Castle’s Yard, adjacent to Waterford’s Peoples Park, was offered for auction. The
Bolster Group joined forces with Monaco Consultants, run by Barry Monaghan, in
order to try to secure the site.
Having obtained the site, a mixed development was proposed, consisting of 56,000 square feet of offices (involving Section 23 tax relief), 72 two-bedroom apartments (availing of Section 23 tax breaks) and 110 car park spaces. Once built, Maritana Gate became Waterford’s tallest building and won awards for new development landscaping. It also broke new ground in construction by using fast track building products from the ground up. The building used a steel frame and all bathrooms and kitchens came in pre-fabricated pods imported from Italy. These new methods of construction meant that this mixed development was constructed in 14 months with gross sales of €45 million.
Launching the Bolster Brand
With the strong residential market in mind, W.D. Bolster & Son Ltd. went on to purchase 17 acres of residential land at Six Cross Road, close to Waterford’s new ring road. One hundred houses were built, along with a crèche of 4000 square feet. This project took three years to complete and amassed over €45 million in sales.
Currently under construction is a €14 million, high-end residential estate, comprising four and five bedroom houses in Newtown Park, Tramore, Co Waterford.
Due to the expansion of the business, it was imperative that a rebranding of W.D. Bolster & Son Ltd. would take place. On account of the wealth of experience in many areas of construction, flooring, horse racing and property development, separate companies were set up to cater for each demand. As a result, each of the businesses is now specialised, bringing a new dedication to each strand of the Bolster Group.
The re-branding under the Bolster Group created:
- Bolster Construction Limited
- Bolster Industrial Flooring Limited
- Bolster Properties
- Bolster Investment Limited
- Newtown Golf Practice Range and Golf Sales
- Newtown Stables
- Waterford Honda Centre Limited
- Bell Aviation Limited
- Newtown Aviation Limited
- Bell Airways Limited
- Kinglet Developments Ireland Limited
- Kinglet Sp ZOO (Polish Company)