Limerick from €175,000: With the tax deadline looming, investors may be interested in a clutch of tax break properties for sale in the Limerick area. O'Connor Murphy Gubbins is the sole selling agent for two Section 50 student accommodation projects and joint agent with Hickey O'Donoghue for two Section 23 schemes in this city.
The Section 50 developments on sale with O'Connor Murphy Gubbins are up and running and already let for the current academic year. A gross annual return of €15,000 is envisaged for Ashdown Village, which is strategically located across the road from Mary Immaculate teacher training college on Courtbrack Avenue, one kilometre from the city centre.
Seven ground floor four-bedroom apartments priced at €380,000 are still for sale in this development. These include a three-star fit-out, free car-parking, internet connection and an on-site maintenance service. The annual management fee is €2,500. Sizes range from 86-89 sq m (926-958 sq ft) and tax relief is at 90 per cent of the purchase price, excluding the fit-out cost.
The same agent is selling 14 three-bedroom apartments at Park Mews, a Section 50 scheme on the Dublin Road, within walking distance of the University of Limerick and the city centre. The price tag of €250,000 includes 85 per cent tax relief, to be offset against all Irish-based rental income. The 72 sq m (770 sq ft) apartments are fully furnished to Bord Fáilte four-star standard, making them a good bet for summer lettings. The layout consists of an open-plan living/dining/kitchen area and three bedrooms, one en suite.
O'Connor Murphy Gubbins and Hickey O'Donoghue are jointly handling Mahon House, a Chieftain Construction scheme on Upper William Street, in the heart of Limerick. One and two-bed apartments - 67 in all - are furnished and equipped to a high standard. This contemporary development has retail units on the ground floor with apartments above on two levels. One-beds on the first floor start at €175,000 for 41 sq m (441 sq ft) of accommodation and 62 sq m (668 sq ft) two-bed apartments are from €210,000. On the second floor, one-bedroom units cost from €197,700 and two-bedroom apartments from €232,700.
Investors qualify for tax relief on all rental income sourced in the Irish Republic, while owner-occupiers can avail of tax relief on all income, including PAYE, over a 10-year period.
The two agents are also handling sales for Fisherman's Quay, a Section 23 development at Grove Island in Corbally, on the banks of the Abbey River. Two-bedroom apartments cost from €235,000 for 60 sq m (650 sq ft) of space. Two-bed townhouses and 80 sq m (865 sq ft) of accommodation start at €275,000. These units come with 89 per cent tax relief and a three-year guaranteed rental income of €8,000 per annum, net of management fees.
