With few prime Section 23 developments available for sale, agents Savills HOK are hoping that the relaunch of a tax-designated apartment scheme in Cork city centre will appeal to both investors and owner occupiers, especially as prices have been substantially reduced.

Located next to Murphy Brewery, just 500 metres from Patrick Street, prices at City Square start at €250,000 for a one-bed apartment, €295,000 for a two-bed, while three-beds are from €340,000.

The fully completed development offers investors 76% tax relief and rents of up to €850 per month for one-bed units and €1,400 per month for three-bed units.

Owner occupiers can also avail of the tax breaks, says Claire O'Sullivan from Savills. "Savings on PAYE income together with rent a room income can substantially reduce your outgoings and increase your overall income in the month. Your net purchase price can be greatly reduced taking these benefits into account."

The apartments are big enough for long-term and family living and boast higher than normal ceilings and either balconies or terraced areas. The scheme benefits from 24-hour onsite management and basement car parking.

Agent: Savills HOK
021-427 1371