One of Liverpool’s most iconic buildings could be brought back to life under ambitious plans for an £83.6 million transformation, creating modern office space and hundreds of new jobs in the city centre.
The Grade II* listed Martins Bank building on Water Street is set to undergo a major redevelopment, supported by a proposed £22 million investment from the Liverpool City Region Combined Authority.
Developer Karrev would contribute more than £61.5 million towards the project, transforming the historic landmark into 140,000 sq ft of Grade A office accommodation, with the potential to support up to 743 additional jobs.
The proposed public funding would come from Mayor Steve Rotheram’s £2 billion Liverpool City Region Investment Fund, which aims to unlock major regeneration projects and attract private investment across the region.
A new chapter for Liverpool’s historic Martins Bank
Designed by celebrated Liverpool architect Herbert Rowse, Martins Bank is one of the city’s most recognisable architectural landmarks.
The proposed transformation would preserve the building’s historic character while introducing high-quality office accommodation, flexible workspaces and new ground-floor uses.
The redevelopment would also help address the shortage of premium office space in Liverpool city centre, providing opportunities for existing businesses to expand while attracting new employers and investment.
Construction is expected to begin in late 2026, with the project anticipated to support 150 construction jobs alongside apprenticeships and work placements.
The development is also being designed to achieve BREEAM Excellent standards, reflecting a commitment to sustainability and energy efficiency.
Steve Rotheram welcomes plans to revive Liverpool landmark
Mayor of the Liverpool City Region Steve Rotheram said:
“Liverpool is home to more listed buildings than anywhere outside London, but for too long, too many have been left abandoned waiting for a new purpose.
“Martins Bank is one of our city’s great architectural landmarks. The buildings that helped make Liverpool what it is today should be helping shape what it becomes tomorrow. Bringing it back to life would not only protect an important part of our heritage, but create the modern, Grade A office space we need to attract new businesses, investment and well-paid jobs. Get that right, and the benefits to our local economy could repay this investment many times over.
“This is exactly why we launched our £2bn Investment Fund – to get ambitious projects like this off the ground by using public money to attract much greater private investment. With £22m of backing from us helping to unlock more than £60m from the private sector, we can turn one of Liverpool’s most iconic buildings into a place that will help make our region the best place in the country to grow up, grow a family and grow a business.”
Major investment in Liverpool’s commercial district
The Martins Bank proposals come as regeneration activity gathers pace across Liverpool’s commercial district.
Liverpool City Council recently announced that enabling works had begun at Pall Mall, another major development expected to deliver new Grade A office accommodation, public spaces and amenities.
The Pall Mall scheme is also being considered for support through the Liverpool City Region Investment Fund, subject to approval.
It sits within the proposed Liverpool North Docks Mayoral Development Corporation area, which is intended to accelerate regeneration and attract further investment into the northern part of the city centre.
The £2 billion Investment Fund was launched by Mayor Rotheram at the MIPIM international property conference earlier this year.
It forms part of a wider ambition to grow the Liverpool City Region economy by £10 billion over the next decade through investment in employment, housing, transport and business development.
Developer commits to long-term future of Martins Bank
Karrev has confirmed its intention to fund the redevelopment through to completion before retaining and operating Martins Bank as a long-term investment.
Julien Buronfosse, Managing Director of Karrev, said:
“Martins Bank is an extraordinary building with an important place in Liverpool’s architectural and commercial history, and we recognise the responsibility that comes with bringing it back into use. Our ambition is to create a best-in-class workplace that respects its heritage while delivering the quality, flexibility and sustainability that modern businesses expect.
“We are making a significant long-term investment in Martins Bank and intend to retain and operate the building following its transformation. The proposed support from the Liverpool City Region Combined Authority would help us unlock its potential and give this landmark building a sustainable future.”
Martins Bank is widely regarded as one of Herbert Rowse’s architectural masterpieces.
The renowned architect was also responsible for several other Liverpool landmarks, including the Queensway Tunnel entrances and ventilation towers, Liverpool Philharmonic Hall and the nearby India Buildings.
If approved, the £83.6 million redevelopment would mark a significant new chapter for the historic Water Street building, combining the preservation of Liverpool’s architectural heritage with the creation of modern commercial space.
