Section 23s with capital views over the city

Dublin 7: from €410,000Tower Central in Smithfield has a great location and valuable tax incentives, writes Bernice Harrison

Property investors are always on the look out for the dwindling number of Section 23 properties, so interest in Tower Central in Dublin's Smithfield - one of the last major city centre Section 23 schemes - should be high when they are launched today through joint agents Sherry FitzGerald New Homes and Hooke & MacDonald.

Section 23 is due to finish in July 2006 and all the apartments in Tower Central will be ready to close for the 2005 tax year. There are 37 apartments in the tower and prices start at €410,000 for the one-bedroom units, rising to €1.1 million for the three-bedroom duplex showflat.

The impressive-looking 12-storey tower with its striking verdigris copper roof is very much the feature building on the newly developed side of the new civic space. Architects HKR, keen to maximise the views (which from the top floors are spectacular), have incorporated floor-to-ceiling windows in all apartments.

Inside, Tower Central has the feel of an upscale hotel lobby with its marble tiled floor, double height ceiling, sweeping staircase, and 24-hour concierge desk - something that always appeals to top-of-the-market renters.

The service charges for the two-bedroom units are €2,000 per annum and rise depending on apartment size.

On offer are three one-bedroom apartments of 55-67sq m (600-725sq ft) of floor space and these are priced from €410,000; 12 two-bedroom apartments of 60sq m (650sq ft) start at €420,000 and rise to €530,000 depending on the floor level.

There is one three-bedroom apartment with 102sq m (1,100sq ft) at €895,000; 12 three-bedroom duplex units of 108-117sq m (1,165-1,260sq ft) cost from €730,000.

The two penthouse apartments, which must have the best views of any apartment in the city, are not for sale. There is a large roof garden for residents.

There is one show apartment, a three-bedroom duplex, and experienced showflat viewers at this upper end of the market will be able to see just how apartments that are designed for owner-occupiers differ from those designed with tax breaks and renters in mind.

The showflat has storage heating, a large hot press (but no separate utility room) and a tiny balcony with room for just a small table and two chairs.

The kitchen units are smart and contemporary with their low gloss finish, granite worktops and stainless steel appliances, but there is no room for a good-sized kitchen table - instead a granite topped breakfast bar has been installed. The kitchen is off the living area which is double height and bright and dominated by floor-to-ceiling windows.

The bedrooms jut into the living space mezzanine-style and overlook it through floor-to-ceiling windows.

There is a small storage cupboard off the hallway and a large toilet. The upstairs landing is a good size with three bedrooms and a bathroom off it.

The bedrooms are two small doubles and a single - all of which come with skimpy-looking fitted wardrobes.

The main bedroom has an en suite shower room but there doesn't appear to be any space for a chest of drawers or even a chair in either of the double bedrooms and, again, those storage heaters - at a time when upscale developments are offering underfloor heating - look particularly old-fashioned.

Tower Central is built by the renowned building firm Cramptons and this, along with the location and the tax breaks, will be a strong selling point for investors.

Parking is available an at additional €40,000 per space. Buyers of the three-bedroom duplexes will have an option to buy two car-parking spaces.