The University of Limerick (UL) is to buy a Dunnes Stores site in the city.

Its Governing Authority sanctioned the purchase of the Sarsfield Bridge site for €8m on Friday.

UL has said it will be used to develop a UL city campus.

UL president, Dr Des Fitzgerald, said: "I am very happy to have the full support of the UL Governing Authority in our commitment to bring UL closer to the city centre.

"I am also very pleased to have the opportunity to revitalise a site in the city that has been lying vacant for so long.

"It is fitting that UL's presence in the city will be on the water front mirroring our magnificent riverside campus just four kilometres away".

"The UL City Campus will aim to bring together law, business and entrepreneurship to create a hub for developing and supporting enterprises in the city.

"It will allow for the further development of existing collaborations with the practitioner base in business, law, education, health and the growing number of technology companies", Dr Fitzgerald added.

UL is an independent university with more than 15,000 students and 1,400 staff.