Exclusive: More than a year after the multi-million pound project to refurbish Martins Bank in Liverpool stalled, its owner says it is ‘fully committed’ to its transformation having already invested £11m at the site. Tony McDonough reports
In 2023 it was all systems go on the ambitious refurbishment of Martins Bank Building in Liverpool but by early 2024 the project had seemingly stalled.
However, the building’s owner Karrev has now told LBN it is “fully committed” to the transformation of the site and that it has already spent £11m in asbestos removal and strip out work to “make it ready for the next chapter”.
London-based Karrev’s director of asset management and development, Olivier Scherb, said: “We can assure you that we are fully committed to the building and to creating a vibrant new future for Martins Bank.”
In a city full of grand and elegant properties, the Grade II-listed Martins Bank Building can more than hold its own in terms of both aesthetics and history.
And in 2023 the 210,000 sq ft property, located in Water Street just yards from Liverpool Town Hall, looked to be on the verge of a new lease of life with an expansive and ambitious refurbishment project about to begin. Then all fell silent.
Closed since 2009, the property has been the focus of multiple projects and ideas but has remained empty except for hosting a handful of events and providing a location for movie crews.
Completed in 1932, Martins Bank was designed by renowned Liverpool architect Herbert J Rowse. His other work in Liverpool included India Buildings, just yards away in Water Street, the Philharmonic Hall and the Mersey Tunnel ventilation towers.
During World War II the vaults of Martins Bank were used to store the bulk of England’s gold reserves, 280 tonnes, as part of Operation Fish. It was part of an overall plan to move the country’s wealth to Canada in the event of a German invasion.
In 2018 it was announced that the building’s then owners, Starwood Capital, had sold it to a French property company, Foncière des Régions. In 2021 the building was acquired by Karrev, an investor which also has properties in Manchester and Leeds.
Shortly afterwards it partnered with Kinrise, a London-based property firm. Kinrise quickly became the face of a multi-million pound project to transform Martins Bank into a complex for small businesses and embarked on a high-profile PR campaign.
Impressive CGI images were sent out to the media and Kinrise even commissioned a video featuring local roller-skating troupe Rollerdrome wheeling through the building and its elegant ground floor banking hall.
Kinrise revealed the site would be home to community-focused spaces, hospitality outlets and 95,000 sq ft of office space, offering floorplates of up to 17,500 sq ft. It also said it was seeking a high-profile restaurant partner to occupy the banking hall.
Originally due for completion in late 2024, apart from some work to remove asbestos, it became clear by late 2023 this timetable had slipped. And in February 2024 it was confirmed that Kinrise was no longer involved in the scheme.
Sources in the city’s development sector suggested contractors had been engaged to take the project forward but Kinrise had been unable to agree a price for the work, believed to be in the tens of millions.
LBN understands Karrev and its people on the ground in Liverpool have discarded the Kinrise plan and have come up with new designs for the refurbishment. Next stage will be getting the funding in place and securing a contractor. However, they are determined to “get it right” and an announcement is likely months away.
Karrev has been silent on the project, until now. Speaking to LBN in the last few days Olivier Scherb said: “Martins Bank is a magnificent building and a true icon of Liverpool.
“We are acutely aware of its historical importance and the significant public interest in its future. Projects of this scale and complexity, particularly involving such a significant heritage asset, have numerous sensitive and commercially confidential stages to navigate.
READ MORE: CBRE secures biggest Liverpool office deal of 2025
READ MORE: Liverpool hotels smash 1m bookings barrier
“Our primary focus has been on the diligent work behind the scenes to ensure that the strategy we move forward with is deliverable, sustainable, and benefiting a landmark of this stature.
“We can assure you that we are fully committed to the building and to creating a vibrant new future for Martins Bank. Since we acquired the building, we have spent more than £11m in asbestos removal, strip out and design to prepare it for the future chapter.”