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"The Pery Square Tontine: A Fascinating Investment Scheme in Limerick's History" | Limerick Archives

“The Pery Square Tontine: A Fascinating Investment Scheme in Limerick’s History”

Pery Square is a renowned Georgian square situated in the heart of Limerick, Ireland. With its stately townhouses, nearby People’s Park, and rich historical significance, Pery Square stands as a testament to the city’s architectural heritage.

The square is named after Edmund Sexton Pery, an influential figure in Limerick’s history. Pery served as the Speaker of the Irish House of Commons during the 18th century and played a significant role in the development and expansion of Limerick. As a result of his contributions, the square was named in his honour.

Construction of Pery Square began in the mid-18th century as part of an urban planning initiative to expand the city. The square was meticulously designed with a symmetrical layout, featuring rows of elegant terraced townhouses facing a central garden square. The architectural style of the square reflects the Georgian period, characterized by its classical proportions, graceful facades, and attention to detail.

The townhouses lining Pery Square were originally inhabited by the city’s affluent residents, including prosperous merchants, professionals, and government officials. These grand residences were built using high-quality materials and adorned with ornate architectural elements. The facades were typically adorned with decorative mouldings, intricate window frames, and grand entranceways, showcasing the wealth and status of their occupants.

Over the years, Pery Square has witnessed the ebb and flow of Limerick’s history. The square has been a silent observer of invasions, sieges, battles, wars, famine, social unrest, and times of peace. Its historic significance cannot be understated, as it has served as a backdrop to pivotal moments in the city’s past.

In recent years, preservation efforts have been undertaken to ensure the conservation of Pery Square’s architectural heritage. Restoration projects have been carried out on the townhouses, aiming to maintain their original charm and historical integrity. These efforts have been vital in preserving the unique character and ambience of the square.

Beyond its architectural significance, Pery Square serves as a vibrant hub for cultural and social activities. The surrounding streets feature a variety of shops, restaurants, and cultural attractions, making it a popular destination for both locals and tourists. The square’s central location also provides convenient access to Limerick’s many landmarks, museums, and theatres, further enriching the visitor experience.

Pery Square stands as a proud testament to Limerick’s architectural and historical legacy. Its well-preserved Georgian townhouses, picturesque gardens, and central location make it an iconic landmark within the city. Pery Square’s rich history and enduring beauty continue to captivate visitors, offering a glimpse into Limerick’s past while embracing the present.

The Pery Square Tontine

The Pery Square tontine in Limerick, Ireland, was a unique investment scheme established in 1834. The tontine involved the development of six Georgian buildings in Pery Square’s Newtown section. The purpose of the tontine was to create a financial arrangement where shareholders would receive benefits during their lifetime, but upon their death, their shares would be redistributed among the remaining participants rather than passed to their heirs.

The Tontine company was officially formed in 1840 with a total of 89 shares. The list of subscribers, published in 1841, was led by Edmond Pery, the first Lord Limerick, who acquired 18 shares. Each share was tied to the life of a different person, ranging in age from 2 to 27 years old. Interestingly, seven of Lord Limerick’s own children were among the shareholders. Other notable subscribers included Prince Consort Albert and Princess Augusta, the daughter of the Duke of Cambridge.

The long-term arrangement of the tontine stipulated that the shareholders tied to the six last surviving lives would gain full ownership of one of the six houses constructed on Pery Square. The shares were transferable as long as the associated person’s life continued. By 1882, there were still fifty shares outstanding, held by thirteen individuals. These shareholders shared the company’s income, primarily generated through rents and reduced expenses, which amounted to around £225.

In 1913, the tontine came to an end following the death of the seventh-to-last named individual. At this point, only two of the original six houses ended up in the hands of descendants of the original shareholders. The winding-up of the tontine marked the conclusion of a unique financial arrangement that had spanned nearly eight decades.

The Pery Square tontine stands as a remarkable example of a historical investment scheme, intertwining the lives of shareholders and the development of the iconic Georgian buildings in Limerick. Today, these buildings continue to be cherished as part of Limerick’s architectural heritage, serving as a reminder of the intriguing tontine that shaped their existence.

Limerick Gazette

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