Tax incentives and a good location are the main attractions of a new apartment and duplex scheme being launched today beside Collins Barracks, off the Dublin city quays.
Dunloe Ewart, which handled the Old Distillery apartment scheme behind the Four Courts, is developing the homes in Collins Square, a convenient location on Benburb Street next to the barracks, which is now occupied by the National Museum.
With the new housing market heading into peak viewing season - and with tax incentives on offer to owner-occupiers - interest in the apartments should be strong, according to Ken MacDonald of Hooke & MacDonald.
One two-bedroom show apartment which will give a good idea of orientation and fit-out will be open for viewing. One-bed units and two bed duplexes can be examined on plans.
Of the 80 apartments, 35 are to be offered for sale at this stage, with the remainder - including penthouses - coming on the market later. The first homes to become available will be 10 one-bed units and 25 two bed apartments, which include three duplex units.
Prices start at £141,000 (€179,030) for one-bedroom units, averaging 500 sq ft. Two-bed apartments will cost from £162,950 (€206,900) and measure between 650 and 750 sq ft. Two-bedroom duplex apartments of around 860 sq ft are from £185,000 (€234,900). Owner-occupiers qualify for tax relief against all income, including PAYE, spread over a 10-year period.
As a guide, a buyer paying £150,000 (€190,460) will benefit from about £2,500 (€3,170) in tax relief annually, on top of mortgage interest relief.
The location is a choice one, overlooking the historic Croppies Acre Memorial Park and with the Incorporated Law Society grounds to the rear. The river Liffey can be glimpsed from some of the units, and O'Connell Street is in walking distance.
While the entire scheme will be finished at the end of the summer and owners will move in from August, only the five-storey rear block is for sale in the first phase. The redbrick exterior of Collins Square matches other buildings in the area. The grey-painted window frames have an industrial look and common areas are finished in iroko wood, glass and steel. A central landscaped courtyard will be shaded with Honey Locust trees, and apartments facing the inner space have balconies overlooking the courtyard.
Interiors have a good specification, with balconies or large bay windows to most apartments, standard white wall tiling and a washer/ dryer, fridge, oven, hob and filter hood included in the purchase price. Lifts serve just three apartments per floor and there is an electronically-operated gate to the underground car-park.
A typical two-bedroom unit from £162,950 (€206,900) has a compact sittingroom with a maple kitchen off to one side and room for a dining table in the tall bay window. The bedrooms have fitted wardrobes and an en suite shower off the main room.
Three 850 sq ft two-bedroom duplex apartments, at £185,000 (€234,900) each, have a kitchen/diningroom and one bedroom on the ground floor. Upstairs there is a sittingroom, main bedroom with en suite and balcony, and a bathroom.
The ground floor units fronting Benburb Street have been reserved for retail use. Parking spaces can be bought for an additional £13,000 (€16,510). Management company Wyse will be maintaining common areas at an annual charge, ranging from £665 (€840) to £1,275 (€1620), depending on size.
