Waterford: from €240,000 A new phase in a Section 50 student accommodation scheme with built-in tax breaks launches this weekend in Waterford city. Joint selling agents Hooke & MacDonald and Laurence MacDonald will be opening show units on site.
Riverwalk is on Waterford's inner ring road, near John's River which winds through the city to join the River Suir.
A Superquinn shopping complex, regional sports centre and Institute of Technology are all within easy reach, so rental potential could be good.
Prices start at €240,000 for two-bedroom apartments of 65sq m (700sq ft). Three-bedroom units cost from €265,000 for 85sq m (915sq ft) of living space.
The price includes a full furniture and fit-out package, so the apartments will be ready to occupy.
Students from the Institute of Technology will lease the new units for most of the year over a 10-year period.
There is also the opportunity to achieve additional income from tourist lets during the summer months.
The seven-acre Riverwalk site was designed by local architects Tritschler & Tritschler for developer R McDonald & Sons.
The buildings are grouped around an internal courtyard and surrounded by extensive open spaces which will incorporate all-weather pitches and a running track.
Work is well advanced on the project and some apartments are ready-to-go, the rest due to be completed later this year.
The development involves a village-style layout of nine blocks, totalling 193 apartments.
Specification is good, with good quality fittings, furnishings and equipment. All apartments have en suites off the largest bedroom. A choice of built-in appliances is given.
This scheme qualifies for Section 50 tax incentives, which also carry Section 23 relief. The tax relief at Riverwalk is at 98 per cent. Under the scheme, investors can set most of the cost against all rental income in this jurisdiction.
