Section 23s beside the Royal Canal

Dublin 1: A new Section 23 tax relief scheme nearing completion in Dublin 1 is being launched this week through Hooke & MacDonald.

Bridgewater Hall on Summerhill Parade offers a mix of one-bedroom, two-bedroom and two-bedroom duplex units beside the banks of the Royal Canal.

One-bedroom apartments have 44-48 sq m (460-520 sq ft) and are priced from €280,000. Two-bedroom apartments of 61-77 sq m (660-830 sq ft) cost from €335,000 while the two-bedroom duplex homes - of which there are two - have 65-84 sq m (700-900 sq ft) and are priced from €335,000.

Designed by architects MacEoin Kelly, the majority of units have balconies or a terrace. Many of the homes have either a southerly orientation or offer views over the Royal Canal.

Two lifts service all five floors from an underground car-park. There is also a decent-sized communal roof garden on the fourth floor.

It is a part four, part five-storey scheme over ground floor retail units.

Bridgewater Hall is close to the DART at Connolly Station and the IFSC. A Quality Bus Corridor runs just outside the development while the city centre is within walking distance.

Section 23 relief allows investors to claim tax relief on rental income - not just on units at Bridgewater Hall - but also on all other Irish-sourced rental income.

Owner occupiers can obtain tax incentives on 50 per cent of the purchase price net of site cost - this can be offset against all personal income.

Standard features include Gold Shield electric heating, double-glazed windows, fitted kitchen units, a security intercom system and built-in wardrobes in all bedrooms.

Completion dates are from early December 2003 - meaning that the units can qualify for tax reliefs in the current year.

With Section 23 relief due to be terminated by the Government in 2004, this development should prove popular with investors.