Take a tax break in historic area of Dublin city centre

Smithfield: Another phase of apartments at the Smithfield Market development in Dublin 7 goes for sale off the plans today through joint agents Hooke and MacDonald and Sherry FitzGerald New Homes.

The €500 million development is part of a high profile rejuvenation scheme for the historic markets area on the northside of the Liffey. The current phase consists of a mix of one, two and three-bedroom apartments.

Prices start at €345,000 for the one-bedroom apartments, €440,000 for the two-beds and €530,000 for the three-bed properties. Smithfield Market qualifies for Section 23 tax reliefs, one of the last in Dublin's city centre to do so. This provision allows investors tax-free rental income on the qualifying property, as well as on rental income generated in this country. Owner-occupiers will get 50 per cent of the net purchase price against their income tax over a 10-year period.

Buyers can book a unit and pay a 10 per cent deposit. They will not have to pay the balance or close the sale until the apartments are completed next year. The apartments are larger than usual, with the one-beds ranging between 46 to 61 sq m (500-660sqft), the two-beds at 59 to 92 sq m (800-1,000sqft) and the three-beds at 86 to 111 sqm (930-1,200sqft). All of them will have high specification fit-outs, including balconies. Two and three-bedroom units will have en suite bathrooms with the main bedroom. The apartments will be heated by electricity, rather than gas, which is the preferred option in most expensive schemes. Electrical appliances and polished stone worktops will be included, along with recessed lighting. The entire ground floor of the development, which is at the westside of Smithfield Square, will be made up of 20 retail units, bars and restaurants. The complex will have a €25 million gymnasium and swimming-pool. The completed development will stand seven storeys high and will be close to the Smithfield Luas station, due to come into operation next year.

Smithfield Market includes the site of the old Smithfield fruit market, which fell to the wrecker's ball in September of last year. As part of the deal with the developers, Fusano Properties Ltd, this area will be developed into a new Smithfield market outlet. The development occupies a two-acre site, which was largely owned by Duffy's scrapyard. The developers bought the site six years ago for €10 million. The company has said that the entire development will create up to 1,000 jobs in the area.

Show units at Smithfield Village are on view today and tomorrow from noon to 5 p.m., and on Saturday and Sunday from 2 p.m. to 4 p.m.