Inchicore: from €365,000 Section 23 apartments generally come with no frills attached, since the investors who buy them are looking for a quick fix for their tax bill, not a place they ever intend to live in or, in some cases, even visit before they buy.
However, a small scheme of Section 23 apartments in Inchicore in Dublin 8 is bucking the trend. Built by Mick Wallace, the bohemian, football-mad developer who has a passion for all things Italian, the 15 apartments at James Plunkett House in Inchicore village will have a chic wine bar and coffee shop, like the cafés that Wallace already runs in his successful Quartier Bloom in the city centre, between the Liffey and Jervis Street shopping centre. The building will also have a large communal sunroom on the top floor, leading to a roof terrace.
The style and layout are also in a different league to most tax-driven developments. The one and two-bedroom units are larger than average, with big airy livingrooms leading to balconies, solid oak floors throughout, stylish kitchens with solid timber units, granite worktops and all appliances, and sleek cappuccino coloured bathrooms with Italian fittings.
Prices start at €365,000 for one-bedroom units, with two-bedroom apartments ranging from €420,000 through Hooke & MacDonald where Michael Brady is handling sales. Underground car-parking spaces are available at an additional €30,000.
Four one-bedroom units have approximately 56sq m (600sq ft) of living space, while the two-bedroom apartments have 61-75sq m (655-800sq ft). The apparelment are ready to move into, in time to meet the tax deadline.
Limestone floor hallways lead to the apartments with their blue-green front doors. Inside, the layout of almost each unit is different, with buyers having a choice of front-facing apartments that overlook the picturesque streetscape, or rear-facing units that catch the afternoon sun.
Each apartment has a decent-sized livingroom with plenty of power points and recessed lighting, though the electric storage heating is not particularly attractive.
The spacious balconies - all big enough for a table and chairs - are floored in granite with cedar-lined canopies and sturdy stainless steel rails.
Each unit has plenty of storage with up to three floor-to-ceiling cupboards in the hallway, while some have walk-in hot presses.
Investors will be able to offset most of apartment cost against rental income from any type of property in Ireland - retail, office, industrial or residential.
Owner-occupiers purchasing in this development can obtain tax relief on 50 per cent of their qualifying cost, which can be offset against all income, including PAYE, over a 10-year period.
