Dublin 11: Given that Section 23 tax relief schemes are due to end next year, investors are sure to be eying up one of the last remaining opportunities to buy into such a development that is being launched by Hooke & MacDonald near DCU this week.
College View - beside the new town centre in Ballymun, Dublin 11 - will eventually incorporate 110 two-bedroom units and nine three-bedroom units in a six-storey building with the ground floor devoted to retail units.
The selling agents are now releasing 30 of the 61 sq m (660sqft) two-beds off the plans with prices from €285,000.
The Section 23 tax relief at College View means that investors there will have tax-free rental income, not only on the units being purchased, but also on any rental income derived from property in the State. Mortgage interest relief on borrowings and low rates of stamp duty also make Section 23 developments particularly attractive.
College View is within walking distance of DCU and is also close to the M50, Dublin Airport, the Botanic Gardens and the parklands and lake at Northwood, Santry Demesne.
A Luas line is proposed to run through Ballymun town centre and there are also plans for a QBC to the city centre just 6 kms away.
The regeneration of Ballymun is gathering pace and College View stands to benefit greatly from this work. Next door to the development, for example, a new leisure centre - incorporating a swimming-pool, gym, fitness centre, bowling green and sports hall - is to be built.
Designed by Michael Collins Architects, College View has extensive frontage onto Ballymun main street. Its appearance is a mix of brick and reconstituted stone with large balconies that have hardwood decking.
Three lifts serve the building from an underground car-park. The apartments have a practical layout with an emphasis on light - all have en suites and balconies.
Standard features at College View include electric heating, double glazing, security intercom system, residents garden at first floor deck area, and a landscaped courtyard.
Bennett Construction began building work at College View earlier this year and completion is set for April, 2004.
Hooke & MacDonald will be selling the first 30 units at College View off the plans at their offices at 118 Lr Baggot Street on weekdays from 8.30 a.m. to 5.30 p.m., and on Saturday from 11 a.m. till 1 p.m.
