Limestone landmark on Cork's Lapps Quay

CORK City Council looks set to make a small profit on its plans to sell an historic and elegant bank branch, which it bought just over two years ago, thanks to municipal public realm investments and private developments also on the doorstep of 1 Lapps Quay.

Facing directly across the River Lee to City Hall, the former ‘Penny Bank’ Cork Savings Bank building has gone back up for sale this week with agents Lisney, with a guide price of €950,000.

The same agents last had it for sale in early 2013, guiding at €1.2m and sold it later that year to Cork City Council under then-manager Tim Lucey, for an unconfirmed sum, thought to be between €800,000 and €850,000.

Since it last transacted, there have been considerable changes on the doorstep of the 1839-built, Romanesque Kearns Deane-designed corner building: the €58m office scheme One Albert Quay is now up and running, close to full-let and with Tyco, Pwc, and Investec bank all in occupation there across the river, while recent market arrival KBC Bank has since opened two doors away in a converted quayside red sandstone warehouse, next to SIPTU’s Connolly Hall.

And, while the former AIB building at 97 South Mall still has to find a buyer/occupant, directly behind and beside the classically-designed and South Mall book-ending No 97, a new hotel is expected to be completed by the Dalata Hotel Group who have recently acquired the Corbett-family site at Beasley Street, South Mall and Parnell Place.

Since acquiring the former TSB/Cork Savings Bank two years ago, Cork City Council has completed its paving, cycle lane and road works/public realm enhancements on Parnell Place.

Agent Margaret Kelleher of Lisney says they are seeking proposals for new uses for 1 Lapps Quay/16 Parnell Place, a listed structure in Cork-quarried limestone with 7,600 sq ft in all, including an impressive and ornate main banking hall, first floor boardroom and offices.

Critically also, on this proposed resale, a detailed plan has been drawn up by City Hall for a slender services extension over some narrow back yard space which, it is said, adds to the future functionality of the building, while respecting its preserved features.

When last on the market, it attracted bar and restaurant use interest, including inquiries from local business families and Wetherspoons.

DETAILS: Lisney 021-4275079.