The historic items were accumulated by local businessman Jackie Clarke over his lifetime. His family donated the valuable collection to the state last year.

The landmark property, built in 1883 for the Provincial Bank, is situated on a pivotal corner site of 0.33 acres overlooking Pearse Street and Walsh Street.

The building boasts several period features, including a distinctive limestone entrance, architrave, skirting, fireplaces and window shutters.

Prior to the Clarke family's magnanimous gesture, many of the items in the collection were not known to exist.

Included is one of 20 surviving original copies of the 1916 proclamation. The collection also contains a letter written by the governor of Kilmainham Gaol, dated 2 May 1916, requesting the Catholic priest Fr Aloysius to come to the prison to give Padraig Pearse the last rites.

Mayo County Manager Des Mahon last week told a meeting of the council that a deposit had now been paid on the building and the project will be funded in a similar way to Turlough House near Castlebar.

"The reality is that 2016, the centenary of the Easter rising, is fast approaching and we do need to make sure that this collection is housed in a way that the public can draw maximum satisfaction from, " he said.

Fine Gael councillor Michelle Mulherin said the acquisition would mean the collection would be housed in suitable surroundings for future generations.

"This building and its contents will really put Ballina on the cultural and heritage map, and I'm sure both tourists to the area and scholars of Irish history will be visiting our town to see this amazing collection, " she said.