UNIVERSITY College Cork is set to acquire the former Cork Savings Bank building on Lapp’s Quay for use as their flagship business school.
Cork Savings Bank building.
Pic: Larry Cummins
It is understood the sale of the historic bank building will include conditions that will allow the Council continued access to the premises for civic functions and events.
The City Council purchased the prominent building, located on the corner of Lapp’s Quay and Parnell Place, in early 2013 for an undisclosed sum, thought to be in the region of €800,000.
The Council considered a number of options for the building such as a restaurant and venue for functions similar to the Fire Restaurant in Dublin’s Mansion House. City councillors also suggested the building be used as a dedicated museumdedicated to Cork sport or music.
However, earlier this year the Council placed the building on the open market, engaging estate agents Lisney who then sought expressions of interest from the public for the building’s future use.
The Savings Bank was guided at €950,000. There were a number of organisations who put forward proposals for the building. It is understood agreement has now been reached with UCC for a price close to €1.5m.
The university plans to use the building as an education centre, providing courses for business professionals and postgraduate students.
The building is a protected structure and no major redevelopment of the premises is likely. The ornate banking hall will be used for conferences, symposiums, and exhibitions.
It is understood that a condition of the sale will allow City Council to have access to the building for a certain number of civic functions and events each year.
The deal will require the approval of City Councillors, before the sale of the property can be confirmed.
The original Cork Savings Bank — an organisation funded by the people of Cork — built the historic building in 1839, at a cost of £11,000, using limestone from the Ballinlough quarries.
In 1846, the bank had almost half a million pounds on deposit. However, the Famine saw more than £370,000 withdrawn in just two years.
It was extremely popular amongst the Cork public.
The Savings Bank was renowned in Cork for promoting thrift and temperance. In 1907, the bank introduced ‘home safes’, which allowed families to save small sums before depositing them in the bank on Lapp’s Quay.
It continued to operate as a bank up until 2012, when owners, Trustee Savings Bank, closed a number of branches, including Lapp’s Quay.
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