Tenders issued to explore tech hub feasibility at Cork's historic Shandon Butter Exchange

The protected Butter Exchange, located on the Cork’s northside, has been vacant for well over a decade, having not opened its doors since 2008. Picture: Larry Cummins

Tenders have been issued for a feasibility study to redevelop Cork’s historic Shandon Butter Market into a tech and innovation hub.

Recreate Shandon CLG, a non-profit enterprise set up in 2020, has secured funding from Enterprise Ireland under the Regional Enterprise Innovation Scoping Scheme to explore new uses for the iconic city centre building.

The protected Butter Exchange, located on the city’s northside, has been vacant for well over a decade, having not opened its doors since 2008.

The building was first developed in 1769 and became one of the most important commercial centres in Cork for the next 200 years until eventually closing in 1924 due to declining trade. It was then home to a craft hub and hat factory for many years.

Recreate Shandon intends to redevelop the building as an enterprise centre, known as the Shandon Exchange, and has completed a previous feasibility study with Grant Thornton in 2020. Plans were submitted in June for works including 140 sq m of new space, which will accommodate the centre’s offices. 

The building fabric will also be updated and further conservation works are planned. Once complete, the proposed green campus will hold office space for 50 people, a board room, meeting rooms, high-quality communications and multimedia facilities, a garden and a café. 

A new atrium will also be built and the collapsed porch entrance will be restored. Cork City Council has approved the plans, subject to 11 conditions, including that the public would have access to the ground floor multi-use room and the enclosed garden area.

The Butter Exchange in the late nineteenth century. Picture: Susan and Frank Ring

In its report, Grant Thornton found that Shandon Exchange would be entering a crowded marketplace and that a unique selling point beyond the provision of office accommodation would be required to ensure a sustainable future.

Now, Recreate Shandon plans to determine and demonstrate the economic value of the provision of an innovation and tech hub at the Exchange and create a business plan to indicate its long-term self-sustainability.

According to the tender notice, the feasibility study will provide the evidence base to support a further application to Enterprise Ireland Regional Enterprise Development Fund later this year for the physical regeneration of the Butter Market and the management of the hub.

Shandon Exchange will create over 100 jobs for the Shandon area and provide business mentoring, advisory, training and networking services to support local innovation, it said.

Shandon Steeple seen around 1880 in the heart of the Butter Exchange area. The Butter Market was first developed in 1769 and became one of the most important commercial centres in Cork for the next 200 years until eventually closing in 1924 due to declining trade. 

“The state-of-the-art Shandon Exchange will attract high-tech start-up enterprises in the ICT and Digital Sectors,” according to Recreate Shandon.

“It will be a space where businesses, universities, and multinationals can exchange ideas, innovate, and develop cutting-edge products and services in the heart of Cork City.

“Businesses will be provided with a full range of supports, including grant aid, mentoring, networking, and links with universities and industry while engaging meaningfully with the local community.” It is hoped that the €3.6m project will be completed by 2025.