Smithfield: from €365,000 The rejuvenation of Dublin's Smithfield area charges ahead with the release of another 50 one, two and three-bedroom apartments in the historic Smithfield Market, one of the last inner city developments to qualify for Section 23 tax relief, writes Fiona Tyrrell.
Show apartments open today for the first time at the Smithfield Market development - part of a high-profile €500 million rejuvenation scheme for the historic markets area on the north side of the Liffey.
Already, 280 apartments have been sold in Smithfield Market and another 50 are now being released by joint agents Hooke and MacDonald and Sherry FitzGerald New Homes to coincide with the opening of the show apartments.
The current phase consists of a mix of one, two and three-bed apartments. Prices for one-beds start at €365,000 and go up to €380,000; two-bed apartments are priced between €465,000 and €505,000 and three-bed properties are priced between €538,000 and €570,000.
The apartments are larger than usual, with the one-beds ranging from 46 to 61sq m (500-660sq ft), two-beds from 74 to 93sq m (800-1,000sq ft) and three-beds from 86 to 111sq m (930-1,200sq ft).
Smithfield Market is one of the last developments in Dublin city centre to qualify for Section 23 tax relief. 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. There will be a number of turnkey apartments for sale. These units are fitted out with furniture and soft furnishings and are ready to rent. They cost an additional €7,000 to €8,000.
Previously known as West Smithfield, the completed scheme will comprise more than 460 apartments as well as 9,290sq m (100,000sq ft) of office space with car parking and 6,503sq m (70,000sq ft) of retail space.
A gymnasium, spa facility, a 100-bedroom hotel and a cultural centre are also planned. Smithfield Luas stop is 50 metres from the apartment scheme.
Developer Fusano Properties has arranged with Smart Telecom to offer a digital TV, broadband and telephone package to owners, at a cost of €100 per month, which will give free digital TV, €25 worth of telephone calls, no line rental and broadband.
The striking building, overlooking a cobbled square and facing the Old Jameson Distillery, has large expanses of window glass. All of the units have glassed-in balconies, some of which offer spectacular views over the city.
The show apartments have been fitted out to a very high specification and are unusually bright. In the kitchens, quality electrical kitchen appliances and granite worktops will be included.
The lounge/dining area has recessed lighting and generous floor-to-ceiling windows. All bedrooms have double fitted wardrobes and large windows.
The apartments have electric heating and will have a 24-hour concierge service. The units will be ready for occupation in six to eight weeks, according to the agents.
Underground parking spaces are available to purchase for €40,000. Maintenance fees are expected to be in the region of €1,500 for one-bed apartments, €1,700 for two-beds and €2,000 for three-beds.
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