Section 23 scheme makes all-round financial sense

THERE’S a bit of sound financial engineering behind a Kerry-based Section 23 scheme being launched this weekend — its developer heads up the prominent business Fexco.

Brian McCarthy, principal of the successful Killorglin-based financial services company Fexco one of the town's main employers is behind the Iveragh Road, Killorglin scheme of 20 units through his company Laune Properties.

Builder David Griffin has delivered five four-bed houses and 15 apartments, coming with attractive 85% capital allowances under Section 23 terms.

With virtually full employment in the town, demand for rental accommodation will be good, with average two-bed unit rents of 800 a month, says estate agent Billy O'Sullivan, acting jointly in sales with local agent Jim Burns.

The four-bed houses measure 1,300 sq ft, while apartments range from under 800 to 1,300 sq ft.

Prices range from €175,000 to €190,000 for apartments, and from €289,500 to €295,000 for four-bed houses, and good fit-out allowances make the purchases virtually a turn-key investment.

Each unit has two car parking spaces.

Location is in the town centre, opposite the Carnegie Secondary School on the Iveragh Road, part of the Ring of Kerry route 12 miles from Killarney.

Apart from its fame and infamy as the home place of King Puck and the annual festival, Killorglin has natural amenities such as hill walking and climbing, leisure pursuits with a range of golf course nearby, a tourist profile and strong employment with major firms like Fexco, Fujisawa and Klinge.