Cork/from €330,000: Section 50 tax break student apartments which are already rented out for the current academic year go on sale today with Irish & European in Cork.

Prices start at €330,000 for apartments at Parchment Square, which have three single bedrooms and €345,000 for larger three-bedroom units which accommodate four students.

The 48 apartments - on release this week and ready to occupy right away - come fully kitted out for student use, with livingroom and kitchen furnishings, beds and study areas.

The location, off Model Farm Road and three minutes' walk to Cork Institute of Technology (CIT) via a pathway, couldn't be bettered.

The Section 50 tax break offers relief on around 88 per cent of the purchase price. Rents can be offset against all rental income in the Republic.

The scheme is being run day-to-day by a management company, which charges an annual fee of €1,700.

Returns of up to 4 per cent are envisaged by the selling agent, based on weekly rents of €75 and €95 per student. Apartments are distributed among seven three/four-storey blocks, with parking spaces and landscaped grounds. Each unit has three en suite bedrooms, with total accommodation ranging from 72- 82 sq m (775 - 882 sq ft).

A typical three-bedroom apartment includes an open-plan living/cooking area with a fully equipped kitchen, sofa and dining table.

Each bedroom has its own shower room and study area.

The specification includes appliances and utensils, carpets, wall and floor tiles, curtains, wardrobes, beds and study desks and direct broadband internet connection to CIT.

This launch marks the final phase at Parchment Square.

Sixty per cent of the units have already been sold to investors from Cork and further afield.

Previous projects by developers The Kenny Group include The Salmon Weir and Fisherman's Wharf, both off Washington Street in the city centre.