A new apartment scheme launched today on Fownes Street in Dublin's Temple Bar area offers generous tax incentives for owner-occupiers and investors. The four-storey block of 11 one-bedroom and two-bedroom units is just off Temple Bar Square, between Luigi Malones restaurant and Fitzers. US clothing chain Urban Outfitters will occupy the retail unit on the ground floor.
There are six one-bedroom units, from 425 sq. ft to 460 sq. ft, costing from £190,000 up to £220,000 for the furnished show apartment. Two 655 sq. ft two-bedroom apartments are both £300,000. A third two-bed unit being used as a show apartment has been pre-sold. At either end, two 620 sq. ft penthouses with mezzanines and roof gardens are priced at £309,000.
The apartments are ready for occupation. Peter Browne, of selling agent Davin, says contracts can still be signed before the April 5th tax deadline. Owner-occupiers in the Temple Bar scheme will be able to set off five per cent of the construction costs (excluding the cost of the site) each year for a 10-year period against taxable income from all sources. Investors who buy to rent out qualify for 100 per cent relief on construction costs in year one against rental income from all properties. Excess allowances may be carried forward against rental income in future years.
Architect and interior designer, Paschal and Anne Lavin respectively, have given the apartments an ultra-modern theme. Steel, glass and wood are combined with natural wood and stone to create a very chic industrial look inside and out. Grey-carpeted stairs give way to paved inner access balconies with individual front doors off. The one-bed units are ideal pieds-a-terres for out-of-town buyers looking for a city base. They have a small entrance hall, cool cream-painted sitting room with a stone fireplace fitted for an electric fire and a steel balcony. The Shaker-style kitchen has a full range of steel appliances.
The double bedroom with fitted wardrobes and a mosaic-tiled bathroom are off the hallway. There is also a storage cupboard and an airing cupboard. Bathrooms are particularly attractive, with blue mosaic tiles, a power shower and a glass shower screen included in the price.
Two-bedroom apartments are brighter and more spacious. A large airy sitting/ dining-room has windows at both ends leading to two balconies. There is a separate kitchen, with a glass serving hatch to the dining end of the living area.
Both bedrooms, a double and a single, have access to the long balcony off the sitting-room. Viewers will also appreciate the large walk-in hot-press and storage cupboard off the hall.
The two penthouses have stunning roof gardens looking out over the rooftops of Temple Bar. A spacious double-height sitting-room has a timber and steel staircase to a mezzanine landing, useful as a guest bedroom or office area. The separate fitted kitchens are larger than the two-bed units, with glass serving hatches to the sitting-room.
