The Steeples is the name assigned to the E15 million Section 23 development on the site of the old Kilroy’s furniture store, at Cathedral Place, an historic quarter of Limerick currently undergoing significant upgrading and investment.
The view from the top of the five-storey development, being built in two blocks, takes in the steeples and spires of six city churches.
But, buyers of the 59 apartments will be more inclined to Mammon than to God, as the scheme has valuable Section 23 reliefs which have 85% allowances for investors with other rental income they want to shelter.
The scheme is being fast-tracked by Firestone Developments Ltd, and a completion by the end of 2003 is anticipated.
Appointed selling agents are O’Mahony’s in Limerick and Michael McKenna of McKenna O’Donoghue Clarke in Cork city, and a phase of 20 units is released this weekend at prices from E225,000 to E250,000.
Units are all two-bedroomed, range from 570 to 750 sq ft with one of the two bedrooms ensuite, and will have a very strong appeal to property investors, said Michale McKenna.
Firestone director John Keating says the scheme is aimed at the upper end of the rental market, and should get rents in the order of 700 per month.
Taking allowances into account, investors will have a gross income of E8,400, based on a 30-year interest only mortgage at 80% of purchase cost, he suggests.
A new computer package operated by a management company will streamline bills, costs and charges for investors, and a service charge of E1,250 pa applies.
Fit out packages are available from E8,000 to E12,000.
The Steeples development, with 10,000 sq ft of ground floor retail space and an internal courtyard, faces onto Newtown Mahon Street, an eight minute walk from the city centre, with a number of other schemes coming on stream in the vicinity.
“This is an historic part of the city and the greater Limerick area is thriving. There’s a very pro-active and forward looking attitude with the city’s planners: apart from the tax advantages we’d seen this scheme appreciating very well in capital value as well,” said Mr Keating.