Saturday 21 July 2018

Historic Lapp's Quay block guiding €950k

1 Lapps Quay was used as a banking hall for more than a century.
1 Lapps Quay was used as a banking hall for more than a century.
Peter Flanagan

Peter Flanagan

Cork City Council is seeking a buyer for 1 Lapp's Quay in the centre of the city.

The council has retained Lisney to manage the sale of the property, which is on the market with an asking price of some €950,000.

The historic building, which dates from 1842, was for years used by the Cork Savings Bank. It was then part of the Permanent TSB branch network before closing in 2012.

The property is in a high profile position at the corner of Lapp's Quay and Parnell Place in Cork's central business district, overlooking the River Lee and opposite City Hall.

Internally the building comprises what Lisney describe as a "magnificent" three storey high former banking hall together with offices and large boardroom while an interconnecting three storey building at 16 Parnell Place provides a further three storeys of office accommodation.

"There are many spectacular features throughout including its unique ceiling, doorway, staircase and imposing boardroom," say Lisney.

The entire property extends to a net internal floor area of 707 sq m (7,610 sq ft). There is also a further opportunity to develop a two storey extension to the rear of the building subject to planning permission which would potentially improve the functionality of the building without detracting from its protected status.

Lisney believe a significant opportunity exists for an appropriate re-imagining or re-use of the building in this high profile central location in the heart of Cork city centre. Through the agents, the council is seeking offers from interested parties who will also be asked to consider the building and outline their proposals for its future use.

In recent times footfall and activity in the area has been driven significantly by the Bus Station and Cork City Council's Park and Ride scheme which terminates at Lapp's Quay together with the more recent enhancements of the public realm at Parnell Place have also raised the profile of the area and the introduction of the public bike scheme has brought additional footfall and activity.

A number of different uses have been suggested for the property in recent years. Among them has been potentially a banquet hall or corporate headquarters.

Other suggestions have included a tourism base or even being used again as a banking hall. That is considered unlikely at present however.

The Cork retail market has been improving steadily in recent years, and interest in the city centre has been strong over the past 12 months, with vacancy rates falling across the board.

Indo Business

Business Newsletter

Read the leading stories from the world of Business.

Also in Business