Today's release of 47 apartments at Custom House Square in Dublin's docklands will be one of the last opportunities to buy a new Section 23 apartment in the inner city. There is a mix of one, two and three-bedroom apartments in the second phase of this scheme, with prices ranging from £185,000 to £380,000. Sales are being handled by Douglas Newman Good.
Situated between the Custom House and the Point Depot, close to Spencer Dock and the IFSC, the first phase of 270 apartments in Custom House Square was completed by Chesterbridge developments in 1998.
An initial 120 apartments in the phase now on offer were sold in February this year on the first day of release, followed by a further 60 during the summer. Next Year, 20 penthouse apartments will be released, which will also qualify for Section 23 relief. There are plans for a third phase, which will be under construction before Christmas - but these will have no allowances. The tax relief allowances in this phase work out at between 74 and 89 per cent of the cost of each apartment, based on the developer's costs for the end of 1999. Ground floor apartments were at a more advanced state of construction at that time than higher level apartments, and so qualify for a larger allowance. Owner-occupiers are entitled to claim the capital allowances over a 10-year period. This capital allowance is available to offset against total income, and provides tax relief at the top rate. The apartments for sale are part of 14 connected blocks arranged around a landscaped central courtyard. Some look out on Mayor Street, and some on the courtyard. Most have south or west-facing livingrooms, glazed balconies, 9 ft high ceilings and large double-glazed aluminium windows in most rooms. They have gas-fired central heating, intercom access and telephone and cable TV wiring in reception rooms and main bedrooms.
There are 15 one-bedroom apartments, 24 two-bedroom apartments and eight threebedroom apartments. Most are nearly ready for occupation.
The one-bedroom units cost between £185,000 and £210,000, and range in size from 450 to 540 sq ft. The 500 sq ft one-bedroom show apartment has a livingroom with an expansive black aluminium window and unusually deep coving.
The galley kitchen off the livingroom has standard Shaker-style units with blue panels and frosted glass panel doors. The attractive mint green small tiles in the kitchen come as standard. The double bedroom has fitted wardrobes; the bathroom comes with standard white tiling with black detail, and a bath with shower attachment. There is also a hotpress and a storage area.
The two-bedroom apartments range in price from £260,000 to £300,000 and in size from 600 to 830 sq ft. The 770 sq ft show apartment has a U-shaped hall, off which is a spacious livingroom which can fit two sofas, table, chairs and other furniture with room to spare. A door leads out to a balcony. The galley kitchen comes with standard units. The main en suite bedroom has fitted wardrobes and overlooks the large internal courtyard which will be landscaped and have various water features. There is also a separate bathroom with bath and a shower. The show apartment gives the illusion of being bigger than its 770 sq ft unit due to clever use of space. The kitchen, off the livingroom, which has a balcony off it, is set at an angle to maximise corner space. Both bedrooms are doubles.
The three-bedroom units range in size from 950 sq ft to 1,100 sq ft and cost between £330,000 and £380,000.
Spaces in the underground car-park cost £25,000. There will be no spaces available with the one-bedroom apartments. There is a CCTV system throughout the development and a full-time porter/caretaker.
