Cork Street: A contemporary and distinctive scheme of apartments and townhouses on a corner site at Cork Street in Dublin 8 with Section 23 tax relief is being launched this week through Hooke & MacDonald.

Prices for one-bedroom apartments of 45-48 sq m (488-515 sq ft) are from €270,000 while two-bedroom apartments of 57-78 sq m (620-930 sq ft) cost from €355,000.

Designed by architects Horan Keoghan Ryan, McGovern's Corner consists of two blocks - one a six-storey building fronting onto Marrowbone Lane and the other a four-storey block with frontage onto Cork Street. The development, where building work has recently begun, consists of 46 apartments (15 one-bedroom units and 31 two-bedroom units) and three two-bedroom courtyard townhouses.

All the apartments have good-sized balconies and many have views over the courtyard. Three lifts service the building from the underground car park and there are four main entrance halls at ground floor level.

McGovern's Corner is within walking distance of Christ Church and St Stephen's Green, and is close to a number of public transport links.

Investors at McGovern's Corner can avail of tax-free rental income, not only on units being purchased, but also on any other rental income in the State whether derived from new or old commercial or residential property.

Mortgage interest relief on borrowings is also available to investors.

Owner occupiers can obtain tax relief against all income - the allowed rate is equal to 5 per cent per annum over a 10-year period. Section 23 tax relief schemes are due to be terminated in 2004.