More than four years after plans to transform the long-empty historic Grade II-listed Martins Bank Building in Liverpool were unveiled the stop-start multi-million pound project may finally be about to become a reality. Tony McDonough reports
Work on the refurbishment and reopening of the historic Martins Bank Building could begin as early as this summer, its owner has said, offering Liverpool some much-needed office space.
Located in Water Street, adjacent to Liverpool Town Hall, the Grade II-listed Martins Bank has been unused since 2009. In August 2021 a project to bring the building back to life as an office complex, focused on smaller businesses, was announced.
But the scheme stalled when its owner, London property investor Karrev, was unable to agree a price with appointed contractor Lendlease after the discovery of asbestos looked likely to mean the refurbishment would be less straightforward than originally thought.
Now, in an interview with property-focused business news outlet, Place North West, Karrev managing director Julien Buronfosse has said work on the 210,000 building could be finally about to begin this year and be complete in 2028.
He said: “The building is ready to kick off as a construction site. Now all that remains is to appoint a contractor… The issue is not the money, it is the time,” he said.
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.
No more news emerged until an exclusive report in August 2025, LBN revealed that Karrev remained “fully committed”. Director of asset management and development, Olivier Scherb said the firm had spent £11m on asbestos removal and strip-out work.
“We are acutely aware of its historical importance and the significant public interest in its future,” he said.
“Projects of this scale and complexity, particularly involving such a significant heritage asset, have numerous sensitive and commercially confidential stages to navigate.
“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.”
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Karrev now has the capacity to focus on Martins Bank having completed the £35m refurbishment of Sunlight House in Manchester in October 2025.
In the latest interview Julien Buronfosse added: “We don’t want to create a museum. It has to be alive.
“At the end, it has to generate cash flow. We are not a philanthropic (institution). We choose a historic building because we want to keep the history.
“Because tomorrow, when Martins Bank opens or Sunlight House if you want, it will be the only building of its size, refurbed top to bottom with brand new amenities with 2026 specification. We don’t have any competition.”