Very few developments remain that will be covered by the Section 23 tax designation scheme but the instant sell-out of Smithfield Gate, at Smithfield, Dublin 7, two weeks ago showed there is still great demand. Now 59 new Section 23 apartments at Francis Street, near Christ Church and within walking distance of Temple Bar, are being offered by Hooke & MacDonald.
Number 125 Francis Street is a development of apartments being built by Danninger Ltd, just across from the old Iveagh Market, which is soon to be revamped.
The apartments are in a high quality four-storey development of one-bedroom and two-bedroom units, on a prime site at the junction of Francis Street and Swift's Alley. On first, second and third-floor levels over a ground-floor commercial/ retail area, they overlook either the street or a landscaped courtyard and the existing Georgian facade has been preserved. There are 39 two-bedroom and 20 one-bedroom units, all spacious with interiors finished to a high standard.
Two-bedroom apartments will range in price from £230,000 to £260,000, while one-bed apartments will be from £169,000 to £185,000.
The main entrance lobby will have mirrors and wood panelling on the walls, with a Grecian-style tile pattern on the floor of both marble and ceramic tiles. All but four of the apartments will have tiny balconies or courtyard access.
Some of the two-bedroom apartments occupy a corner position with windows overlooking the streets. These apartments are particularly bright, with a kitchen area at one end of the livingroom. All the kitchens will have timber presses, tiled splashbacks and extractor hoods as standard. The apartments have bathrooms finished with white tiles and there will be a shower-screen on the bath.
Some two-bedroom apartments will have an en suite as well as the standard tiled bathroom. The kitchen in some units is separated from the livingroom, but has a serving hatch. All of the apartments have good-sized entrance halls, and some, indeed, have enough room for a desk and computer.
The one-bedroom units also vary in shape and size but they are generously proportioned with some of the livingrooms being particularly large - even more spacious than in the two-bedroom units. Again the kitchens are either an extension of the livingroom or separate from it.
Heating throughout the apartments is Gold Shield electric and windows are all double-glazed. Apartments have fitted wardrobes and a security intercom system as well as tiled bathrooms.
The courtyard will be a particularly impressive feature with planters, pagodas and trellises crawling with creepers planned. Some apartment owners will have to cross the courtyard to access their apartments but all residents will have access to the courtyard.
Car-parking spaces cost an extra £35,000 each, underlying the high premium on parking spaces in the city. The apartments qualify for tax incentives for both owner occupiers and Section 23 investors, with the latter qualifying for up to 60 per cent relief. This is a good letting area on account of its proximity to businesses, hospitals and colleges, as well as being virtually in the heart of the city centre.
Plans for the refurbishment of the Iveagh Market are for an eclectic mix of crafts, organic food, clothes, bric-abrac and antiques. There will also be two restaurants, art exhibitions and street theatre.
