Dublin 1: The first phase of a new Section 23 tax relief apartment development in the centre of Dublin should create a stir with potential investors and owner occupiers.
Hooke & MacDonald is releasing the first 30 apartments at Gloucester Square, Dublin 1 off the plans this week with prices of one bedroom apartments with 45-60 sq m (465-645 sq ft) from €270,000, two-bedroom units with 60-80 sq m (650-860 sq ft) from €360,000 and three-bedroom units of 85-95 sq m (915-1,060 sq ft) from €415,000.
Gloucester Square, which will eventually comprise of 88 apartments and penthouses, has frontage on to James Joyce Street and Foley Street (just off Talbot Street) - it is half way between O'Connell Street and Connolly station and is within easy walking distance of the many retail and leisure facilities available in the city centre.
With Section 23 relief due to be terminated in 2004, Gloucester Square should appeal to investors. Section 23 tax incentives mean that investors can obtain tax-free rental income on the new apartment being purchased and also on any other rental income being earned in the State on new or old retail, commercial or residential property.
Owner occupiers at Gloucester Square can obtain tax relief against all income, including PAYE, on 50 per cent of the net purchase price and equal amounts over a 10-year period while also being exempt from stamp duty.
The apartments are accessed through three impressive entrance halls each with lifts to all floors, including the underground car-parking area (which also has electronic security gates). All apartments have a good-sized balcony off the livingroom and come with fitted kitchens plus integrated appliances, fitted wardrobes in bedrooms and equipped bathrooms. All two and three-bedroom units have a bedroom en suite.
Designed by architects Anthony Reddy & Associates, developed by Orpinhall Ltd and built by G & T Crampton Ltd, Gloucester Square is one part of a larger development that includes office and retail space (mainly at ground floor level). It is contemporary in design and rises to six storeys high in places.
Hooke & MacDonald will be taking bookings for this phase at Gloucester Square from its offices at 118 Lwr Baggot Street, Dublin 2 from 8.30 a.m. to 5.30 p.m. today and on Saturday from 11 a.m. to 1 p.m.
