A decision was made in 1727 to demolish Chichester House and build a new Parliament House. Sir Edward Lovett Pearce was selected as the architect for what was to become the world's first building designed as a two-chamber legislature. The foundation stone was laid in 1728 and the work was substantially finished by 1733, the year Pearce died.

The House of Commons occupied the centre of the arrangement under a Pantheon-style dome. A public gallery could and often did accommodate up to 700 spectators. The House of Lords was much smaller but no less elegant.

The first session of Parliament took place in its new quarters in 1731 and its last was held in 1800 when the infamous Act of Union with Great Britain was ratified. The Bank of Ireland became the new owners of the redundant Parliament building in 1803.

A stipulation of the sale required that all evidence of the building's former use was to be removed so the House of Commons disappeared but the House of Lords was surreptitiously saved preserving for posterity the most unique chamber of its kind to be found anywhere in the world.

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