Tasty Ballymaloe holiday homes up for grabs

YOU mightn’t have to cook the books to see a tax advantage in an East Cork holiday home development — it plans to make the adjoining Ballymaloe Cookery School a source of rental income.

A €10 million scheme of 32 holiday homes is being built in what was part of the grounds of the world-famous cookery school. Developers Rick Fitzgerald and Owen Little of Orchard Partnership/Oran Properties acquired six acres of land from the Allen family/dynasty over a year ago for around €1.5 million.

Ballymaloe House, now 40 years in business, is a couple of miles away, while the period family home of Tim and Darina Allen, Kinoith, is near to the cookery school, which attracts student from around the world for its up-market residential courses. Students at the courses, some of which go on for several months, are among the anticipated users of these 32 houses.

Other attractions at the cookery school include formal and herb gardens, a maze, and a unique shell house. Nearby too are sandy beaches at Garryvoe (Blue Flag) and Ballycotton, restaurants, the Stephen Pearce Emporium and an East Cork crafts trail.

Design of Shanagarry Holiday Village is by Murray O’Laoire architects, and selling agents for the tax-driven holiday homes are Con Nagle of Global Properties and Property Partners Burke Wall. Prices are strong, and not likely to appeal to private family buyers, ranging from €310,000 plus VAT and €25,000 fit-out for four-bed townhouse of 1,200 sq ft, and €340,000 plus VAT and fit-out for a 1,570 sq ft house, also with four bedrooms.

Investors (who can recover the VAT) are the target, especially those who can off-set up to €28,000 pa annum rental income against the purchase cost.

Properties are Bord Failte registered, and there’s a 20 year lease deal to a management company, who guarantee a rental income of €47,000 over the first five years. Net cost after reliefs is calculated at €144,525.