The Hive Iron Works closed in 1935. The building was then occupied by the Hanover Shoe Company who were also big employers until he 1960s when they ceased trading.

The Hive Iron Works was the most important iron works in Cork during the nineteenth century. The business was founded by Thomas Addison Barnes in 1800, but by 1819 it had been transferred to the Perrott family after whom Perrott Avenue is named.

The overall business declined during the latter part of the nineteenth century but Iron Works was producing iron castings well into the twentieth century.

Works cast in the Hive Iron Works may still be seen in many places around Cork city and County. The lion, featured on the Perrott family coat of arms, on the top of the building was cast by Richard Perrott in 1845. It should be noted that the lion can be seen on the roof of the nearby Labour Exchange building.

Richard Perrott married Hannah Mary Barnes in 1815. Richard and Hannah lived at Hayfield Manor, now a five star hotel, and they had thirteen children between 1816 and 1843. Richard went on to become the sole owner of the Hive Iron Works in place of his Father-in-law.