Co Westmeath: from€ 250,000With 43 units sold recently, Section 23 apartments at Bastion Court have proved popular with investors
Section 23 apartments are for sale at Bastion Court in Athlone's trendy Westside area in the centre of town, where bookshops, craft workshops and cafés are springing up around the new Athlone Town Centre.
Westside is a "Left Bank" area earmarked for rejuvenation by the council. With the Institute of Technology close by and a central location, rental prospects are good - developer FK Construction is offering investors a five-year rental guarantee, with earnings of €50,000 over this period.
Under Section 23, investors qualify for tax relief on all rental income in this jurisdiction.
Owner-occupiers can claim relief against all income, including PAYE. With Section 23 coming to an end this year, there is a scarcity of tax-break developments countrywide. Bastion Court owners can set 89 per cent of the purchase price against rental returns or income.
The Bastion Court apartments are for sale fully furnished and kitted out, down to the television and DVD. Joint agents Hooke & MacDonald and Sherry FitzGerald O'Meara are selling agents for this new complex, which will include a crèche, medical centre, shops and offices.
FK Construction is the firm responsible for the successful Market Point scheme in Mullingar. Forty-three units were sold last week at Bastion Court in a successful initial launch and 36 apartments remain for sale. Finish is good and underground parking is included with the price. A medical centre, crèche and retail and office units are planned for the site. Given the prime town centre location, many of the office and retail units have been snapped up. The one and two-bedroom apartments for sale in phase one are finished and ready to occupy. Prices start at €250,000 for one-bed units of 43sq m (463sq ft). Two-bedroom apartments of 67sq m (725sq ft) cost from €295,000. Interiors are bright, with an open-plan living area and terrace or balcony. An on-site management company at Bastion Court will take charge of day-to-day maintenance, including grounds upkeep.
