Holiday Homes:Lodges in the grounds of Waterford Castle come with cool interiors, golf course membership and tax breaks. Michael Parsonsreports.
Apparently people have been flocking to Dubai to purchase homes on man-made islands in the scalding hot waters of the Persian Gulf. It is difficult to fathom the attraction.
The little emirate has all the charm of Las Vegas without the fun of its casinos; summer temperatures can reach a distressing 50 degrees centigrade; and there is the grim prospect of having a tattooed, Sky-gazing, Premier League oik - or, worse, a Formula 1 driver and his blinged-up, feather-brained, Cristal-quaffing bird as neighbours.
Considerably classier islands can be found much closer to home, dotted around our own glorious coastline. One of the least known, but most accessible, is Little Island in the sheltered waters of the Waterford estuary. And, unlike rocky outcrops off the west coast, you don't need to share a storm-tossed currach with a bean an tí, two sheep, three folksingers and a keg of Guinness in order to get there.
The 310-acre, privately-owned island is linked to the mainland by a short ferry service which operates around the clock.
This sylvan haven, just 10 minutes' from the city centre, is home to Waterford Castle, a discreetly deluxe hotel in the style of Ashford and Dromoland, much favoured by sophisticated rich Americans.
Like many an ageing Irish beauty, Waterford Castle is having a makeover. Stein Hotels and Resorts, a European company which specialises in the development and management of small luxury hotels from Kensington to Monte Carlo, has been appointed to oversee its "transformation into a world-class leisure resort".
Plans include a remodelled championship golf course; a spa designed by French specialist Dr Christian Joss; an equestrian centre featuring trekking trails around the island; and a marina with yacht club and extensive watersports amenities.
The hotel itself, currently containing 19 bedrooms, will be extended to provide additional guest and restaurant accommodation.
Outright ownership of an island is the ultimate must-have property for the wealthy - or paranoid - who crave absolute privacy. Charles Haughey, Aristotle Onassis, Richard Branson, Lawrence Rockefeller, Marlon Brando and Gianni Agnelli are among those who have lived the dream.
But now Waterford Castle is offering part-ownership of the island with the launch today of Castle Gardens, an enclave of 48 turnkey, holiday home golf lodges.
The development is a joint venture between Harte Holdings, a Cork-based property company, Newgold Ltd and Cendant Ltd, the owners of the island.
The coolly elegant, fully-furnished and fitted, three and four-bedroom Kilkenny limestone-clad houses were designed by award-winning architects Fewer Harrington Lawlor, built by David Flynn and decorated, with considerable élan, by interior specialists, Architecture Collective. Prices range from €745,000 for a mid-terrace 133sq m (1,430sq ft) property to €850,000 for a 162sq m ( 1,743sq ft) semi-detached house.
As you'd expect, but don't always get, in this price range, there is meticulous attention to detail, from the Charles Eames classic designer chair to the gee-whiz gadgetry of a Norwegian Adapt electronic home control system.
There's also a welcome emphasis on home-produced luxury with oak furniture by O'Donnell's of West Cork; art by Jane O'Malley; Ceadogán wool rugs; glass by Waterford Crystal; and Rosemary Durr ceramics. Italian Scavolini kitchens feature built-in Neff appliances and Smeg fridges.
Oak staircases, flanked by glazed walls, lead to bedrooms with glossy lacquered wardrobes.
Bathrooms are beautifully tiled and equipped by Duravit of Germany - who sure know how to put Vorsprung durch Technik into a shower.
The houses are energy-efficient with solar roof panels and underfloor heating. Each has a large granite-flagged patio and stainless steel glazed balconies.
But, say the developers, the real attraction of these houses is "the benefit of Section 23 status and very substantial potential tax savings".
Funnily enough, many people's eyes glaze over when they read a sentence like that. But canny investors know they can save a fortune in tax.
Under this arrangement, each purchaser will lease their holiday home to the operating company for 20 years with a break clause after 10 years. The operator will guarantee a fixed rental income of €23,000 per annum for the first 10 years. This income is net of sales, marketing, external management and rental management costs. Apart from the tax benefits, the holiday homeowners will have two weeks use of the property rent-free, excluding the April to October tourist period.
Further information about the tax issues, and financing options, can be had from June Doran of the development company Harte Holdings.
For those seeking permanent, year-round access, the houses can, of course, be bought outside of the Section 23 scheme. All owners receive two memberships of the golf course; have access to the resort's leisure facilities such as the spa, pool and gym; and benefit from special rates at the planned equestrian centre and golf academy. And who pays the ferryman? The service is free.
Harte Holdings, 056-7722091
