Rathkeale’s Former Bank Building Faces €3 Million Renovation Challenge

The former Bank of Ireland building in Rathkeale requires significant renovations, with estimates reaching as high as €3 million. During a recent meeting of the Adare/Rathkeale Municipal District on January 2024, Fine Gael councillor Adam Teskey expressed concern over the funding necessary to repurpose the property, which was operational until its closure in 2021. The council outlined that the project may take up to two years to secure funding and see progress.

Cllr Teskey highlighted the irony in the situation, noting that the building was actively serving its community just prior to its closure, which was part of a broader shutdown of 88 Bank of Ireland branches—approximately one-third of the bank’s total locations. He remarked, “It’s quite ironic I think that three or four years ago when it was put into our ownership, it was an operational bank.”

Concerns Over Renovation Costs

During the council meeting, Cllr Teskey questioned how the estimated multi-million euro renovation costs could be justified, especially considering his assessment of the building’s condition. He remarked, “There were more cosmetic issues rather than structural or capital structural issues.” Teskey had visited the property with an auctioneer and believed it was not in a bad state at the time of its closure.

Despite his concerns, Cllr Stephen Keary did not find the projected costs of €2 million to €3 million to be excessive. He pointed out the necessity for renovations to include universal accessibility, fire safety compliance, and other essential upgrades. “You don’t feel a couple of million being gobbled up at today’s costs. So spending two million wouldn’t put me off,” he stated.

Future Plans for the Property

Director of Adare-Rathkeale Municipal District, Vincent Murray, clarified that the building is currently equipped with fixtures designed for banking operations. He indicated that the local authority is in the process of determining the best future use for the site. Murray acknowledged that the upper floors of the building are not particularly stable and have suffered from water damage, adding to the challenges the council faces.

Cllr Teskey criticized the bureaucratic processes involved, expressing frustration at the inability to utilize internal resources for the project. He questioned, “It is bizarre to me that in an organisation of 1,500 that we cannot get inside consultants to design and repurpose a commercial entity that’s only been out of service for four years.”

The council’s discussions highlight the complexities of repurposing historic buildings while balancing community needs and financial constraints. As the process moves forward, residents of Rathkeale will be watching closely to see how their former bank building is transformed and what it will mean for the local economy.