Tax breaks could tempt investors to check out the show apartments at a smart new development launching today in the town of Longford.
All 28 apartments for sale in the first phase at Harbour Point come fully-furnished and ready for immediate occupancy. Prices start at £114,500 (145,385) for two-bedroom and £129,000 (163,800) for three-bedroom apartments.
The big draw will be Section 23 incentives for investors on rental income and full mortgage relief on all sums borrowed. Owner-occupiers can offset 50 per cent of the construction costs over a 10-year period.
Former Taoiseach and Longford man Albert Reynolds formally opens the show apartments today, with Hooke & MacDonald as the selling agent.
With the 2001 Construction Industry Federation Award for Excellence for The Courtyard development at Newtownforbes in his pocket, builder Frank Kelly of FK Construction needs no introduction to seasoned investors.
The new Harbour Point apartments are modern in design, with up-to-the-minute fittings and excellent letting potential. Most of the units for sale in this phase are two-bedroom units.
All apartments released this week will be completed in time for the end of the tax year in December next. The entire scheme of 62 apartments will be finished by July 2002.
The Harbour Point site is in the centre of Longford overlooking the Market Square. Originally, the area was the Canal Harbour, which was the main trading link with the Royal Canal running from Dublin to the Midlands.
A complete turn-key fit-out at the apartments is included as standard. There are good quality solid wood kitchens, polished timber floors and smart minimalist-style furnishings. Fireplaces with electric coal-effect fires are fitted in all apartments.
Also included is a leisure suite for the exclusive use of residents, with a fully-equipped gymnasium. The exterior of the block is a dramatic combination of glass, steel and render, with floor-to-ceiling windows affording great views over the town centre.
Security is excellent. The developer has installed an electronically-controlled boom-barrier to protect private designated parking spaces and each apartment has an intercom link with barrier and main lobby.
The six-storey Harbour Point block is topped with a landscaped roof garden with paved and decked seating areas. Residents of fifth and sixth floor penthouses will have the benefit of an additional 1,000 sq ft garden for their exclusive use. The apartments vary in size and shape according to where they are placed on the block. Two-bedroom apartments range from 650 to 750 sq ft and cost from £114,500 (145,385).
A typical unit has a large open-plan sitting-cum-diningroom with a fully-equipped Shaker-style kitchen off. Glass doors open to a good-sized sit-out balcony. There is a storage closet off the hall and the main bedroom - also a generous size - has an en suite shower room off.
The main bedrooms in the three-bedroom units are particularly large. Three-beds average 850 sq ft - the size of many townhouses - and cost from £129,000 (163,800). Rents achieved in the area are from £475 (603) to £500 (635) for two-bedroom apartments and £550 (698) to £575 (730) for the three-bedroom units.
Major employers locating in Longford in recent years include Century Homes, Paragon Engineering and C&D Foods.
The U.S. multi-national Cardinal Health, on course for a 2003 opening, is expected to eventually have a 1,300 strong workforce.
A resident caretaker will be employed to look after common areas on a day-to-day basis.
With Section 23-type tax relief at Harbour Point, investors can offset 100 per cent of the construction costs against rental income. Capital allowances are available on the cost of the furniture and fittings at 20 per cent per annum over five years.
Investors also benefit from full interest relief on any borrowings made to fund the purchase of an apartment.
For owner-occupiers - and the agents expect a good uptake from this sector - 50 per cent of the construction cost can be offset against all income over 10 years, at 5 per cent per annum.
