UCC satisfied it paid market value for council-owned building

University College Cork has said it is satisfied it paid market value when it bought a former bank from a local authority for €800,000 more than its purchase price two years earlier.

The college acquired the old Cork Savings Bank at Lapps Quay from Cork City Council for €1.42m last year and has received planning permission for modifications that will see it used for executive training provided by the Cork University Business School.

Cork City council had bought the building for a reported figure of €600,000 from Permanent TSB in 2014, but subsequently decided not to use it. The sale agreement with UCC includes a provision that the building would be made available to the council for functions up to 12 times a year.