Public views sought on lending former bank new lease of life

City officials are banking on the public for ideas on how a historic former bank could get a new lease of life.

The keys to the former Cork Savings Bank building on Lapps Quay in Cork, which served as a Permanent TSB branch until its closure in 2012, were formally handed over to the people of Cork yesterday.

Cork City Council officials are set to explore a range of options to return it to civic use, and confirmed they will initiate a public call for partners to operate the building. They have however ruled out adapting the 7,600 sq ft protected structure for use as a museum.

Director of services Valerie O’Sullivan said she is delighted the city council is now the “proud custodian” of such a beautiful building of such significance.

“Its value to the city equals that of places such as Blackrock Castle, St Luke’s, Elizabeth Fort, and Christchurch, all of which are also in the council’s possession and have been returned as assets to the people of Cork,” she said.

“The council has a track record of strategic acquisition of premises like this and the particular location of 1 Lapps Quay is second to none.

“Its acquisition supports council policies of regeneration of the city centre and attraction of employment, footfall, visitors and economic development into the city.”

The building came to market at around €1.2m as part of a Permanent TSB branch downsizing operation in 2012 which saw the closure of 20 premises nationwide.

The city bought the building earlier this year for a bargain — understood to be in the region of €750,000.

Toby Clements, the bank’s chief operating officer, who formally handed the keys over yesterday, said that the future use of the building played a key role in the bank’s decision to sell it to the local authority.

“It was important to us that we saw it go back to civic use,” he said.

Designed by architects T and K Deane in 1839 and opened for business in 1842, the purpose-built bank is of significant architectural form and represents one of the finest limestone buildings of its type in the country.

Located on a corner site overlooking the south channel of the River Lee, it occupies a prominent position in the commercial heart of the city and retains many of its original interesting internal and external features with very little alteration since its construction.

The purchase price, and planned upgrades of the public realm nearby over the next two years, will cost just under €2m.

Historic building

- 1 Lapps Quay is an important part of Cork’s architectural heritage.

- Constructed in 1839 following an architectural competition won by the famous architect Kearns Deane, it was built for the Cork Savings Bank for £11,000.

- The feature facade was built with limestone from the Ballinlough quarries.

- The property operated as a bank from 1841 until 2012.

- The building boasts a magnificent three-storey banking hall, with offices and a large boardroom, while the interconnecting building at 16 Parnell Place, provides a further three storeys of office accommodation.

- The building retains its original grandeur, including its unique ceiling.