The address:Russell Cove, Ballyconnell, Co Cavan.
The agent:Connect Two, Sligo.
The property:two-bedroom apartments with 72sq m (770sq ft) of living space priced at €495,000. Apartments overlook either the planned Connell Quay marina or River Woodford, which is connected to the Shannon-Erne waterway.
The landscape:this up-scale residential and marina development in Ballyconnell incorporates 72 residential units and a marina.
The features:buyers at Russell Cove will get their very own Drago Cruiser, a berth at the marina, golf and leisure membership of the Slieve Russell, which is minutes away and a four-star turnkey furnishing package.
How much for an investor to buy?At Bank of Ireland's investment mortgage rate of 4.8 per cent APR over 25 years based on the maximum loan of 90 per cent of the asking price (or €445,500), the monthly repayment will start out at €2,508.17. On an interest-only basis, the maximum loan will be 85 per cent of the price, or €420,750, giving a monthly repayment of €1,632.51.
How much for a residential buyer?A residential buyer buying a second home, will get the same rates as an investor.
Potential: Self Catering Ireland has been appointed the holiday rental agent for the scheme, which is due to be completed in June 2008. They estimate a holiday rental income of €46,500 based on 100 per cent occupancy over 26 weeks (of which 12 are high season) while 50 per cent occupancy for 26 weeks would earn €23,250 a year. Russell Cove has Section 23 status so investors can off-set other rental income tax-free in Ireland.
Verdict:ideal for holiday home hunters looking to sample the life aquatic and make some hard cash - as well as rubbing shoulders with Alan Shearer and other Premiership footballers who have bought here.
Calculations by: Bank of Ireland
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