Waterfront apartments which come with Section 23 and Section 48 tax incentives are being released in the final phase of the Strand Palace development at Knockaverry Strand, in Youghal, Co Cork. Built by Bowen Construction, there are 17 units for sale through joint selling agents Hooke & MacDonald and Hennessy Auctioneers.
The two-bedroom apartments are priced from £110,000 to £163,000. The three-bedroom apartments cost from £168,000 to £177,000.
It is expected that the tax incentives will appeal to those with an existing rental income who wish to reduce or eliminate their tax liability on all of their rental properties. Section 48 tax incentives, discontinued last year, give relief against all taxable income, including PAYE. This is likely to be one of the few remaining opportunities to avail of the benefits of the Seaside Resorts Scheme which allows for pre-Bacon interest relief on borrowings. Strand Palace is four stories over the ground level car-parking area. There are three lifts serving a total of 64 apartments, which are accessed via eight separate entrances. There is car-parking with each unit. Nine of the 17 apartments are in the original Strand Palace building, which has been rebuilt and has a ground floor restaurant. Situated at the mouth of the Blackwater, Youghal is currently enjoying the benefits of a multi-million pound investment programme in tourism, leisure, sporting, commercial, retail and residential projects.
