Plans to transform former Tipperary cinema into enterprise hub take major step forward
Plans for a more than €1million project for a new enterprise hub in north Tipperary have taken a significant step forward.
Tipperary County Council have been working on plans to develop a digital and enterprise hub in the former Rialto Cinema in Nenagh.
The 1940s cinema, located in Banba Square, was first allocated funding in 2022 for the start of the development, which is projected to cost €1.5m.
At the June meeting of Tipperary County Council, elected representatives approved a proposal to dispose of the Rialto Cinema building, which is owned by the local authority, to enable the project to go ahead.
The building and surrounding lands were proposed to be leased to Rialto Regional Centre for Innovation and Enterprise CLG, for an annual rent of €30,000 per year. This price will rise by five percent every five years, starting in year two, according to council documents.
Tipperary County Council say they acquired the former cinema in 2020 as a strategic development from Angela and Donal O’Connor. The building previously housed Sheahan’s Homevalue Hardware, before moving to a bigger outlet on Martyr’s Road.
According to council documents, the building “is a key pillar of the Historic and Cultural Quarter in Nenagh, and was purchased due to its prominent town centre location and its significant potential to be brought back into productive use having been vacant for several years prior to acquisition.”
The most recent Nenagh town development plan states that it is an objective to bring the former cinema back into use for employment and enterprise uses.
“In line with this objective, it is proposed to seek funding from Enterprise Ireland under the Smart Regions Enterprise Innovation Scheme to progress the development of the Rialto Regional Centre for Innovation and Entrepreneurship,” the council said.
They added that a company limited by guarantee (CLG) must be formed in order to access this funding, which is why they are proposing to lease the property to the Rialto Regional Centre for Innovation and Enterprise CLG.
The planned lease will run for a period of 15 years, with an annual lease charge of €30,000, payable from the second year, and will be subject to the company obtaining funding to deliver the enterprise hub.
Councillors formally approved the disposal of the former Rialto Cinema at the council’s June plenary meeting.