Gardaí were alerted to the fire at the property in Skibbereen shortly after 4pm, with the former Sisters of Mercy building on the Cork road suffering significant damage.
No one was injured as a result of the incident.
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Gardaí are now appealing to anyone with information to contact them.
They are also seeking anyone who may have camera footage or who may have been in the Cork Road area of Skibbereen between 3:15pm to 4:45pm yesterday to contact Clonakilty Garda Station on 023 882 1570 or the Garda Confidential Line on 1800 666 111.
