The new barracks was named Richmond Barracks. This name and those given at the time to facilities in close vicinity recalled historic events of that era, such as Talvera Place, Vinerma Mall, Regent Bridge and so on. The establishment of the barracks gave an enormous boost to the economic and social life of Templemore, with business in the town developing around it. Though due to the good demand for the usual farm produces in the barracks there was for many years no market in the town itself for these goods.