Buying a bank: closed rural branches being transformed into homes

The former Ulster Bank branch at 27 High Street, Kilkenny – a five-storey redbrick Queen-Anne-style building – has a guide price of more than €450,000.

While there are no figures for the numbers of banks refurbished under the scheme, there have been some 7,300 applications for this grant since July 2022; some 4,200 of these were approved and 250 grants had been drawn down by March this year. “Between the two banks, we are hoping that in September this year we will have 11 new apartments delivered, five in Charlestown and six in Ballyhaunis. It’s quite a considerable uplift to the towns,” says Corrigan.It’s essential for anyone developing a property using the scheme to work in lockstep with their council to ensure the homes being developed match a specific need, says Corrigan.

The two Mayo banks had opened in the early 1920s. The Charlestown building was particularly ornate with cornices and ceiling roses. While banks tend not to have back gardens, they do have rear and/or side access. If the bank is midterrace or on a main street, however, there may be challenges with access for building works, which will probably add to the cost.

And for those thinking of repurposing existing buildings, the Department of Housing has published the second edition of a useful manual called Bringing Back Homes, which sets out the grants available and tips for such projects.In September last year, the final 15 of Ulster Bank’s branches went up for sale. They included two in Cork city as well as branches in Maynooth, Tullamore, Ballina, Claremorris, Castlebar, Roscommon, Dundalk, Drogheda, Dungarvan, Waterford city and Kilkenny city.

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