Belgard Square north has two pioneering examples of the kind of second generation development being proposed for Tallaght. The vast £60 million (€76.18m) Exchange building - beside Tallaght Hospital and across the road from South Dublin County Council's headquarters, which are being extended - it fits into the new concept of bringing office and residential development to street level to create a vibrant town centre.

Being built by Breydon Developments on former St John of God's land, the Exchange qualifies for 100 per cent capital allowances under the 1999 Urban Renewal Scheme.

The entire scheme comprises 58,000 sq ft of offices, 40,000 sq ft of medical accommodation, 155 apartments and 600 underground car spaces. Part of the deal was that the developers provide a 40,000 sq ft medical facility including a respite care centre and a day care centre for St John of Gods.

Blocks two and three of the office component totalling 23,000 sq ft are reserved and agents Finnegan Menton are now marketing Block 1, either for sale or to let and say they have had a number of enquiries from semi-state bodies looking to relocate.

The entire six-storey block, which will be completed in December, can be bought at cost of £10.5 million (€13.33m), or on a floor by floor basis, which is probably more likely, at £2.1 million (€2.67m) per floor.

An investor purchasing a floor paying £330 (€419) per sq ft will be able to avail of £1.75 million (€2.22m) in capital allowances with up to 50 per cent available in year one which can be written off against Irish rental income and £25,000 (€31,743) of personal income.

A partnership purchasing for its own occupation could offset the allowances against personal income at 42 per cent. Space is available to rent at £17 (€21.59) per sq ft and the car spaces at £600 (€761.84) per annum.

Across the road, South Dublin County Council is building a 70,000 sq ft £14 million (€17.78m) extension to its existing building which, along with the Exchange, is "one of the first buildings to address Tallaght's status as a city without streets", says county architect Brian Brennan.

"They form the first pieces of urban development which will eventually see the four sides of Millennium Square take on an interactive, urban streetscape."

A combination of four and five storeys, it is at an advanced stage of construction and will include a public conference area, extended accommodation for public representatives, as well as a new public housing office and county information office which will front on to Belgard Square north.