A new development of 77 apartments and penthouses in the centre of Edinburgh is being offered for sale off the plans from today through Hooke & MacDonald. The Dublin agent expects that investors looking for a good return will be interested in buying some of the 18 apartments now being released in St Stephen Court, at Stockbridge, one of the most prestigious areas of the city.

Two-bedroom apartments with 740 to 890 sq ft are priced from £129,950 sterling to £172,000, while four-bedroom units will cost from £275,000 to £325,000. Unlike most apartment schemes in Dublin, Morrison Homes will be providing integrated kitchen appliances as standard features in all the apartments. Ken MacDonald says there is a good local letting market in Edinburgh. Two-bedroom units are currently renting at £750 stg to £1,000 per month. Selling prices have risen in the past year by 10 to 15 per cent and, according to Mr MacDonald, this is expected to accelerate once the new Scottish Parliament opens in June.

Two weeks ago, the same agents launched a new development at Harbour Village, Kirkcaldy, between Edinburgh and St Andrews golf course, and these have been selling well at prices mainly from £69,000 to £85,000 for two-bedroom apartments.

St Stephen's Court will have 77 apartments in five blocks, four of which will be joined. The materials in the eight storey block have been selected to blend in with the strict conservation guidelines for the area and include slate and blond sandstone. Each block has a lift which extends to the allocated car parking space in the basement. The duplex apartments will have their own garages.

Morrison Homes plans to move into the Dublin apartment market later this year if it is successful in its appeal against the refusal by Dublin Corporation to allow it proceed with a tower block on a waterfront site opposite the Point Depot.