WORK will begin in the coming weeks to convert the former Cork Savings Bank building on Lapp's Quay and Parnell Place into UCC's new business school.
The university acquired the building from Cork City Council last year for €1.4m.
Work will now commence in the first week of January to convert the building for use as the Cork University Business School (CUBS).
Included in the new development will be three 20-person lecture rooms, one 12-person lecture room, two meeting rooms, three offices, a boardroom and other smaller facilities.
The main banking hall will be the heart of the Business School and will operate as a teaching environment but will also be able to facilitate occasional conferences of 50 people.
As part of the sale agreement, the City Council will have continued access to the premises for civic functions and events.
The historic bank building is a protected structure. It dates back to 1842 and was used by Cork Savings Bank.
It was subsequently part of the Permanent TSB branch network.
Permanent TSB was badly exposed to property loans and needed a €4bn bailout.
In 2012, it announced the closure of branches across the country including Lapp’s Quay and Mayfield.
The city council then purchased the building for €750,000, proposing to use it for civic purposes.
A restaurant, live music venue, conference hall, or a museum dedicated to Rory Gallagher or to Cork sport, were some of the suggested uses for the building.
However, the Council reached an agreement with UCC last year to sell the building for €1.4m.
The redevelopment of the building is one of a number of significant construction projects at the eastern edge of the city centre.
Across the street at Parnell Place work has commenced on a new Maldron Hotel.
Work is also progressing on the quays at Navigation House on a major office development.