The University of Limerick is proposing to relocate its School of Medicine to the former Dunnes Stores site at Honan's Quay in the city.
A proposal to investigate the feasibility of locating the School of Medicine to a redeveloped city campus, has been brought to the university's governing authority.
In an email to staff, acting president Professor Shane Kilcommins said Honan's Quay is "one of the most strategically located sites in the city and it is incumbent on the university to seriously consider its intentions for the site".
Acquisition of the site for €8 million in 2019 was previously criticised by the Comptroller and Auditor General, who said: "It is difficult to see how the purchase represented value for money."
A retrospective valuation of the property in 2023 concluded that the university had paid around one third more than the market value of the property four years earlier.
The university incurred a €3m impairment charge on the acquisition in its 2022 - 2023 annual financial statements.
Limited investment has been made in the building by UL, and only 20% of the building has been brought back into use.
"It must also be recognised that the significant redevelopment potential of the site both as a city campus and as a driver of socio-economic regeneration will never be realised by maintaining the status quo," the acting president said in an email to staff.
At a meeting of UL's governing authority, "a concept proposal" for the possible redevelopment of the Honan’s Quay site, was discussed.
"In consultation with leadership of the School of Medicine, and in parallel with an alternative campus-based approach, the proposal envisages the relocation of the existing School of Medicine to a fully redeveloped, high-quality facility at Honan’s Quay," the acting president told staff.
There was "a positive and engaging discussion" on the merits of the concept.
Prof Kilcommins said UL will engage with Limerick City and County Council, the Higher Education Authority, and other key stakeholders to determine the feasibility of securing funding for the proposal.
He said the next step for the University is to "appoint a project team that will ensure that all appropriate infrastructure guidelines are followed, all academic and clinical requirements are considered, and to prepare the Preliminary Business Case and any funding application".
