Cavan County Council has bought the former Town and Country Pub in Bailieborough.
It's hoped funding can be made available to allow for an expansion of the public carpark to the rear of the property.
There have been calls in recent years for more public parking to be provided in the area.
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The moving of the Garda Station to the former National Irish Bank building on the Main Street had also led to concerns over a potential impact on parking in the town.
It's hoped the purchase will also lead to a "revitalisation of the town centre".
Outgoing Cathaoirleach of the County Council and local Councillor Sarah O'Reilly says the purchase will have a big impact on Bailieborough:
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