Investors looking for a Section 50 tax-break opportunity may be interested in a new development of two-bedroom apartments in Salthill, Galway. Dunaras is a scheme of 112 apartments located close to University College Galway, with prices from £149,950.
These apartments, built by Bigam Bush Ltd, carry allowances of 84 per cent on rental income. The purchase price includes VAT and fit-out to Bord Failte three-star standard for self-catering accommodation; beds, bedding, kitchen appliances and cutlery are included in the sale price. Apartments range in size from 670 to 688 sq ft and are on sale through Sherry FitzGerald, Galway.
Similar to Section 23-type schemes, Section 50 is designed to encourage investment in rented self-catered accommodation for students, and these apartments can also be used as short-term holiday accommodation for the summer. To qualify under the scheme, the development needs to be close to an approved college.
Located on Bishop O'Donnell Road, Dunaras is certified for the use of students at nearby UCG, which has 7,700 full-time students. There is always strong seasonal demand for rented accommodation in Galway, and because of the city's popularity with tourists the demand for short-term rentals in the summer is very high.
Accommodation is let on a bed basis to students, and 409 bed spaces are available. A management structure is in place to ensure maintenance of the development.
