One of the most interesting Section 23 apartment and duplex schemes to come on the market this year goes for sale today close to the River Shannon in Carrick-on-Shannon, Co Leitrim.
Liam O'Farrell, of local agents Farrell, is to take bookings for the first phase of the Shannon Court development which will have a total of 66 one-bedroom apartments and duplex units. The first 14 homes will be completed by the middle of April and the second block will be ready for occupation in May. One of the blocks will have clear views over the river.
One-bedroom apartments with 510 to 610 sq ft are priced from £65,000 to £70,000 while the 840 sq ft duplex units will cost from £92,500 to £98,000.
The £6 million development will appeal both to investors and owner-occupiers because of the highly attractive tax breaks available under the rural revival scheme. Investors will be able to offset 90 per cent of the cost against all rental income and will also be able to offset tax relief on borrowings. To encourage more people to reside in places like Carrick-on-Shannon, the Government also propose in the Finance Act to allow owner-occupiers to claim tax relief on 5 per cent of the construction costs over a 10 year period. If this works, then the population of Carrick-on-Shannon is set to increase beyond its present level of 3,000. Incidentally, a new 65-bedroom hotel, The Landmark, is to open in the town at Easter.
