Have I got mews for you

A TWO-bed apartment for €89,000?

The location is not in the depths of the country, or in a desolate block, neither is the property in bad condition. Rather it’s one of five units now being offered for sale in the heart of Midleton — at a knockdown price. Even for this market.

And it gets better: the units at Drury’s Mews are not only not shabby, they’re fairly high-end, with contemporary walnut and high-gloss kitchens, 750 to 850 square feet of space with furniture and appliances included. And a ground floor parking space with clicker. So, lock, stock and barrel for the price of a high-end motor. There are just eight units in total in Drury’s Mews and in terms of layout, they’re spread over three floors with a ground floor parking area, three units on the first floor; three on the second and two at penthouse level.

The top unit is larger and therefore more expensive at €99,000 and it comes in at 850 square feet.

All of the units come with gas central heating, separate utility rooms, ensuite bedrooms and main bathrooms, fully integrated kitchens, full tiling and timber flooring.

Access is via the ground floor car park by lift or stairs and all apartments have their own balconies, says Michael Creedon of DNG Michael Creedon, while bedrooms are doubles and come with built-in wardrobes.

“You couldn’t possibly build these units at the prices being asked and as we also manage these properties we can confirm they generate a rent of between €650 to €700 per month.

“The building is modern in design, about six years old, has ground-floor secure parking and each apartment has a designated parking space, although everything is within walking distance,” he says.

With a 10% deposit, a mortgage on these properties for an owner-occupier could cost just €420 per month and with reliefs, even less, says Creedon.

And he says first-time buyers should move fast now, as tax relief for FTBs will be removed in June instead of December of this year, under the new programme for government. Property bought before the mid-year deadline will qualify for tax relief for seven years.

And the catch?

“There’s no catch — that’s the way it is nowadays, it’s the new market,” says Creedon. “We don’t own the properties, we just sell them.”