Bookings are being taken today from plans for a new Section 50 apartment scheme a mile from the holiday resort of Salthill in Galway.
Prices start at £149,950 for two-bedroom apartments and from £177,950 for threebedroom units. The Sherry FitzGerald/Ross McParland agency will be handling sales at its Eyre Square offices in Galway.
Dunaras, under construction on Bishop O'Donnell Road, is the latest of these tax incentive schemes to come on the market. While the purpose of Section 50 is to encourage investment in rented self-catering accommodation for students, investors in the Dunaras apartments will have the option of renting them out as holiday apartments in the summer.
Section 50 properties are generally located close to an approved college and in major urban centres with a ready rental market.
Dunaras is certified for the use of students at University College Galway. Owners can avail of tax relief of between 84 per cent and 94 per cent on all Irish-based rental income, spread over a 10 year period. With Section 50, this is flexible. Purchasers can use up all their relief in the first year if they wish, or can carry unused tax relief past the 10-year period if it suits.
There will be a total of 112 apartments at Dunaras, which is expected to be completed by next summer. The 32 units to be sold in this first phase will be ready to move into next spring.
Twenty two-bedroom units from 670 sq ft to 700 sq ft will be for sale, priced from £149,950, and there are 12 three-bed apartments measuring from 870 sq ft to over 1,000 sq ft costing from £177,950. Joint developers Bigam Bush and TBD Developments are major players on the Galway commercial and residential markets. The apartments are in six two and threestorey blocks and will have own-door access. Communal car-parking is free. Top floor duplex units will be available for sale in later phases of the scheme.
All apartment prices include VAT and a full fit-out. This will be of contract quality and will meet Bord Failte three-star standards for self-catering accommodation. A management structure is in place for letting and maintenance.
